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:
- Common-law partner
- 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.
- 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)
To state exactly the meaning of
To be aware of / to recognize and correctly name / to locate an appropriate resource
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
To note the similarities and differences between two or more things
To determine an approximate value for
To find the value using mathematics
To change from one form or purpose to another
To reach a conclusion or make a judgement through careful study
To give the meaning of / to construe or understand / to translate orally