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OnDemand Course

Marshalling Assets in Estate Planning

Learn to properly oversee the administration of a trust or estate while marshalling and distributing assets.

For an estate plan to work, the plan must be properly funded. In this topic, you will learn the thought processes, practical impediments, and solutions to ensuring that a client's plan is well-funded. Specifically, we will discuss identifying assets, determining what assets should and should not be funded into a trust, how to deal with assets that pass by beneficiary designation, as well as funding logistics. This material will provide you with an understanding of what is necessary to properly fund a client's estate plan.

90 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is Marshalling Assets? (Trust Funding)

  • Ascertain the Assets of the Estate
  • The Process of Gathering, Organizing, Ranking, and Dispersing Assets in a Manner That Determines Value, Discharges Debt, and Prepares for Distribution Under the Trust Instrument's Instructions

Process of Marshalling Assets

  • Marshalling Assets Is Important in Estate Planning (Discussed Below)
  • Marshalling Assets Is Also Important in Trust and Estate Administration
  • Trustee and Counsel Are Responsible for Marshalling in Trust Administration
  • Discussion of Role of Attorney and Role of Client

Why Marshalling Assets Is Important

  • If There Is a Trust, It Must Be Funded
  • It Is Impossible to Manage the Estate Until the Assets Are Identified and Collected
  • Important to Safeguard the Assets Because Sometimes They Tend to "Walk off" or Disappear After Death

What Assets Should Be Considered

  • Discussion of How to Marshal the Following Assets
    • Real Estate
    • Bank, Savings, Loan Accounts and Securities
    • Business Interests
    • Insurance and Related Benefits
    • Joint Tenancy Assets
    • Digital Assets
    • Tangible Personal Property

Handling Unusual Assets

  • Consider That Some People May Have Hidden Cash or Other Valuables in Odd Places Around Their Homes or in Clothing Pockets
  • Access to Safe Deposit Boxes
  • Pets? Some People Devise the Pet and Money to Care for the Pet Upon Their Death
  • Firearms

Guidelines for Marshalling Assets in an Estate Plan

  • Clients Sometimes Forget What Assets They Have - Ask Probing Questions to Try to Uncover Things They May Have Missed
  • Encourage the Need for Ongoing Maintenance of the Trust
  • Marshalling Assets Can Be Very Time Consuming; Incorporate "Time Suck" Into Your Fee (If Flat Fee)

Complications and Misunderstandings

  • Confusion About Who Does What Between Attorney and Client
  • Marshaling Assets Can Be Particularly Complex When Multiple Fiduciaries Are Named to Serve Different Roles
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on October 20, 2021.

Call 1-866-352-9540 for further credit information.

  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Vanessa M. Terzian

Vanessa M. Terzian

Lagerlof, LLP

  • Partner at Lagerlof, LLP
  • Specializing in estate planning, trust administration, and probate
  • Adjunct professor of trust and wills, Southwestern Law School
  • Rising Star, Super Lawyers, 2015 - 2017
  • Wrote “Trustee’s, Executors and Beneficiaries”, published by the Institute for Preparing Heirs
  • Active member of the California State Bar and member of the Trusts and Estates section
  • J.D. degree, dean’s honors and recipient of dean’s full tuition academic scholarship, Loyola Law School; B.A. degree, magna cum laude, UCSD
  • Can be contacted at 626-683-7234, [email protected], or lagerlof.com
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
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Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 409116
Published 2021
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