This module discusses forms of property ownership, including the common forms of ownership and the associated rights and restrictions. The purpose and types of powers of appointment are discussed, as are the general goals that proper estate planning can achieve. Additionally, the estate planning process and the team members necessary to achieve a client’s goals are explored. There is also a discussion on the unauthorized practice of law.

1-1: Describe the basic tasks in the estate planning process
1-2: Identify common estate planning goals and methods used to achieve them
1-3: Analyze a situation to identify estate planning mistakes, pitfalls, and weaknesses, and actions that can be taken to avoid such problems.
1-4: Identify the roles of the members of the estate planning team and the activities that constitute the practice of law
1-5: Identify the nature of estate planning, basic estate planning definitions, and the nontax characteristics of property interests and forms of property ownership.
1-6: Analyze a situation to identify advantages or disadvantages of a form of property interest or ownership
1-7: Evaluate a situation to select the most appropriate form of property interest or ownership
1-8: Analyze a situation to determine whether a specific property interest is community or separate property

Author: Kirsten Waldrip, JD, LL.M.

Kirsten Waldrip, JD, LL.M., is an associate professor of estate planning and taxation at the College for Financial Planning. Kirsten worked in private practice as an estate planning and administration attorney prior to joining the College. She graduated from Arizona State University with a bachelor’s degree in interdisciplinary studies of business and communication, she received her JD from Syracuse University College of Law, and she received her LL.M. from University of Denver. You can contact Kirsten at kirsten.waldrip@cffp.edu.

Complexity Level: Overview