knowledge topics
Dying with a Will
KNOWLEDGE EXPECTED OF: CFP® Professionals Only
- Explain the methods for distributing the assets of a testator.
- Per stirpes
- Per capita
- Identify that based on the jurisdiction, a claim may be made for dependants’ relief against the estate if the deceased did not adequately provide for their dependants.
- Identify dependents of the deceased who may make a claim against the estate for which they were not adequately provided, such as:
- Spouse
- Common-law partner
- Child(ren)
- Parent
- Sibling
- Explain how an asset will be distributed to a beneficiary of an estate.
- When a debt against the asset is exonerated
- When a debt against the asset is not exonerated
- Define changes to testamentary dispositions that may be made after the death of a testator.
- Abatement
- Ademption
- Lapse
- Explain how abatement, ademption and lapse affect testamentary dispositions.
- Estimate the distribution that each party may receive from an estate when the deceased died with a will.
Glossary of Verbs (mouse over to see definition)
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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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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 judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
Read more about the Taxonomy used in the FP-BoK
