Estate Administration
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Awareness
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
|
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
|
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.
- Identify possible organizations to be notified upon the death of an individual, such as:
- The deceased’s financial institutions
- The deceased’s employer
- Organizations from which the deceased was receiving payments
- Organizations to which the deceased was making payments
- Government agencies with which the deceased had relationships or was issued identification
- Identify documents that may be required by organizations upon the death of an individual, such as:
- Death certificate
- Will
- Documentation appointing / validating estate administrator
- Identify the benefits / receipts that should be discontinued upon death.
- Identify final expenses that may occur upon the death of an individual, such as:
- Funeral expenses
- Probate fees
- Executor fees
- Trust fees
- Legal fees
- Tax preparation fees
- Tax liabilities due to deemed disposition of assets
- Define digital assets
- Identify those various procedures that exist for addressing the digital assets of a deceased owner
- Identify the importance of planning for access to digital assets by an executor or legal representative
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Awareness
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.
- Identify possible organizations to be notified upon the death of an individual, such as:
- The deceased’s financial institutions
- The deceased’s employer
- Organizations from which the deceased was receiving payments
- Organizations to which the deceased was making payments
- Government agencies with which the deceased had relationships or was issued identification
- Identify documents that may be required by organizations upon the death of an individual, such as:
- Death certificate
- Will
- Documentation appointing / validating estate administrator
- Identify the benefits / receipts that should be discontinued upon death.
- Identify final expenses that may occur upon the death of an individual, such as:
- Funeral expenses
- Probate fees
- Executor fees
- Trust fees
- Legal fees
- Tax preparation fees
- Tax liabilities due to deemed disposition of assets
- Define digital assets
- Identify those various procedures that exist for addressing the digital assets of a deceased owner
- Identify the importance of planning for access to digital assets by an executor or legal representative
previous / Foundations of Estates