Week 1 Lecture

Estate Will and Trust Administration is a vital part of tax planning and it is often the most overlooked subject because of the sensitivity of the topic. They are only 2 certainties in life death and taxes. This class will help prepare you for the inevitable. You will learn about many terminologies and you will be able to relate them to individuals, public figures, yourself and family. To supplement this class and bring the concepts to life, I recommend that you watch some of the true life stories which capture the death of many celebrities on the Reelz channel. My favorite documentary is the one on James Brown and the Artist formerly known as Prince. One had a will and one did not. The estates were treated differently as a result of the will or lack of will for Prince. The documentary puts many of the topics that we will read about and discuss into real relatable reenactments that you will remember. 

Real property can be classified as an asset that is transferred through gift or sale on a document called a deed. The grant is the act of transferring the asset,the grantor is the giver and the grantee is the recipient and the title is the evidence of ownership. These terms are also used in real estate transactions. The are tangible and intangible property that is classified as the decedent estate.

DQ1:  In a paragraph describe what is a remainder? 

Week 1 Lecture Answer

A remainder is an interest in a property established by the creator of the will that will remain after another interest has ended. The individual granted with the remainder is called the remainderman.  Often the creator creates the remainder interest during the creation of life estate. This interest gives a person the authority to inherit the property when the life tenancy has ended. To understand the concept, it is important to understand life estate and life tenant.