Dying without a Will (Intestate)
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
- Define dying intestate.
- Identify circumstances when the deceased may die intestate, such as:
- No valid will exists
- Will is deemed to be invalid
- Will fails to appoint a personal representative
- Explain consequences of dying intestate.
- Guardianship of children
- Disbursement of assets
- Process for settling estate
- Identify that an application to the court must be made to appoint an estate administrator when an individual dies intestate.
- Identify documents used to confirm validity of a will and the court’s approval of the appointment of an estate administrator, such as:
- Certificate of Appointment
- Grant of Letters Probate
- Letters of Administration
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Define dying intestate.
- Identify circumstances when the deceased may die intestate, such as:
- No valid will exists
- Will is deemed to be invalid
- Will fails to appoint a personal representative
- Explain consequences of dying intestate.
- Guardianship of children
- Disbursement of assets
- Process for settling estate
- Identify that an application to the court must be made to appoint an estate administrator when an individual dies intestate.
- Identify documents used to confirm validity of a will and the court’s approval of the appointment of an estate administrator, such as:
- Certificate of Appointment
- Grant of Letters Probate
- Letters of Administration
Additional Knowledge Expected of CFP Professionals
- Define partial intestacy.
- Explain risks of partial intestacy.
- Define preferential share when an individual dies intestate.
- Identify jurisdictions that have legislation recognizing preferential share.
- Identify the value of a preferential share for a jurisdiction that recognizes it.
- Identify whether a spouse or common-law partner may be entitled to a preferential share of an estate.
- Identify the prescribed distribution schedule for an estate in the jurisdiction where the deceased died intestate.
- Explain the distribution that each party may receive from an estate when the deceased died intestate.
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