Planit:Probate Issues and Designating Asset Beneficiaries Case Study

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In transitioning your client from planning for immediate risk of death or disability, to the risk associated with estate planning, you need to begin preparing and identifying assets of your client’s estate. One of the key issues is how your client’s assets and accounts will be treated on death, identifying beneficiaries, and the costs that they may incur. See how the process of designating beneficiaries of assets differs for Islamic clients who want to distribute their estate according to Faraid. Contents 1 Example Problem One: 1.1 Answer Using Beneficiaries for Detailed Accounts: 2 Example Problem One: 2.1 Answer Using Beneficiaries for Detailed Accounts: 3 Example Problem One: 3.1 Answer Using Beneficiaries for Detailed Accounts: 4 Example Problem One: 4.1 Answer Using Beneficiaries for Detailed Accounts: Example Problem One: After interviewing your clients, Harold and Donna Woodhaven, you have found out that all of their personal use investments are willed to the surviving spouse. Their RRSP accounts also have the beneficiary set to the surviving spouse. Their {{{account 2}}} investments will go to the estate. All other accounts are set to go to their son Ben, in this case Harold's contribution pension. The following account types are subject to probate: personal use. Answer Using Beneficiaries for Detailed Accounts: On the navigation panel, go directly to the Assets and Liabilities screen. 1. Click on Edit beside Donna’s Non-Registered investments 2. The Subject to Probate box should be blank. 3. Set the beneficiary to Surviving Spouse 4. Click Save 5. Repeat steps one through four for Harold’s Registered Investments 6. Click on Edit beside Non-Registered investments. 7. The Subject to Probate box should be blank. 8. Set the beneficiary to Estate 9. Click Save 10. Click on Edit beside Personal Use 11. The Subject to Probate box should be checked. 12. Set the beneficiary to Surviving Spouse 13. Click Save 14. Click on Edit beside Harolds Contribution Pension 15. The Subject to Probate box should be blank. 16. Set the Beneficiary to Other. 17. When the new data entry fields appear for the new beneficiary, enter “Ben” and “Woodhaven” as the First Name and Last Name respectively. You can also set the Relationship to “Child” 18. Click Save

United States of America
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Argentina
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Brazil
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United Kingdom

In transitioning your client from planning for immediate risk of death or disability, to the risk associated with estate planning, you need to begin preparing and identifying assets of your client’s estate. One of the key issues is how your client’s assets and accounts will be treated on death, identifying beneficiaries, and the costs that they may incur. See how the process of designating beneficiaries of assets differs for Islamic clients who want to distribute their estate according to Faraid. Example Problem One: After interviewing your clients, Harold and Donna Woodhaven, you have found out that all of their personal use investments are willed to the surviving spouse. Their ISA accounts also have the beneficiary set to the surviving spouse. Their {{{account 2}}} investments will go to the estate. All other accounts are set to go to their son Ben, in this case Harold's contribution pension. The following account types are subject to probate: personal use. Answer Using Beneficiaries for Detailed Accounts: On the navigation panel, go directly to the Assets and Liabilities screen. 1. Click on Edit beside Donna’s Non-Registered investments 2. The Subject to Probate box should be blank. 3. Set the beneficiary to Surviving Spouse 4. Click Save 5. Repeat steps one through four for Harold’s Registered Investments 6. Click on Edit beside Non-Registered investments. 7. The Subject to Probate box should be blank. 8. Set the beneficiary to Estate 9. Click Save 10. Click on Edit beside Personal Use 11. The Subject to Probate box should be checked. 12. Set the beneficiary to Surviving Spouse 13. Click Save 14. Click on Edit beside Harolds Contribution Pension 15. The Subject to Probate box should be blank. 16. Set the Beneficiary to Other. 17. When the new data entry fields appear for the new beneficiary, enter “Ben” and “Woodhaven” as the First Name and Last Name respectively. You can also set the Relationship to “Child” 18. Click Save

Russia
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China
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Malaysia

In transitioning your client from planning for immediate risk of death or disability, to the risk associated with estate planning, you need to begin preparing and identifying assets of your client’s estate. One of the key issues is how your client’s assets and accounts will be treated on death, identifying beneficiaries, and the costs that they may incur. See how the process of designating beneficiaries of assets differs for Islamic clients who want to distribute their estate according to Faraid. Example Problem One: After interviewing your clients, Houen Chun and Houen Feng n/a, you have found out that all of their personal use investments are willed to the surviving spouse. Their EPF accounts also have the beneficiary set to the surviving spouse. Their {{{account 2}}} investments will go to the estate. All other accounts are set to go to their son {{{Son's Name}}}, in this case Houen Chun's contribution pension. The following account types are subject to probate: personal use. Answer Using Beneficiaries for Detailed Accounts: On the navigation panel, go directly to the Assets and Liabilities screen. 1. Click on Edit beside Houen Feng’s Non-Registered investments 2. The Subject to Probate box should be blank. 3. Set the beneficiary to Surviving Spouse 4. Click Save 5. Repeat steps one through four for Harold’s Registered Investments 6. Click on Edit beside Non-Registered investments. 7. The Subject to Probate box should be blank. 8. Set the beneficiary to Estate 9. Click Save 10. Click on Edit beside Personal Use 11. The Subject to Probate box should be checked. 12. Set the beneficiary to Surviving Spouse 13. Click Save 14. Click on Edit beside Houen Chuns Contribution Pension 15. The Subject to Probate box should be blank. 16. Set the Beneficiary to Other. 17. When the new data entry fields appear for the new beneficiary, enter “Ben” and “Woodhaven” as the First Name and Last Name respectively. You can also set the Relationship to “Child” 18. Click Save

Singapore

In transitioning your client from planning for immediate risk of death or disability, to the risk associated with estate planning, you need to begin preparing and identifying assets of your client’s estate. One of the key issues is how your client’s assets and accounts will be treated on death, identifying beneficiaries, and the costs that they may incur. See how the process of designating beneficiaries of assets differs for Islamic clients who want to distribute their estate according to Faraid. Example Problem One: After interviewing your clients, Alvin and Grace Cheng, you have found out that all of their personal use investments are willed to the surviving spouse. Their CPF accounts also have the beneficiary set to the surviving spouse. Their {{{account 2}}} investments will go to the estate. All other accounts are set to go to their son {{{Son's Name}}}, in this case Alvin's contribution pension. The following account types are subject to probate: personal use. Answer Using Beneficiaries for Detailed Accounts: On the navigation panel, go directly to the Assets and Liabilities screen. 1. Click on Edit beside Grace’s Non-Registered investments 2. The Subject to Probate box should be blank. 3. Set the beneficiary to Surviving Spouse 4. Click Save 5. Repeat steps one through four for Harold’s Registered Investments 6. Click on Edit beside Non-Registered investments. 7. The Subject to Probate box should be blank. 8. Set the beneficiary to Estate 9. Click Save 10. Click on Edit beside Personal Use 11. The Subject to Probate box should be checked. 12. Set the beneficiary to Surviving Spouse 13. Click Save 14. Click on Edit beside Alvins Contribution Pension 15. The Subject to Probate box should be blank. 16. Set the Beneficiary to Other. 17. When the new data entry fields appear for the new beneficiary, enter “Ben” and “Woodhaven” as the First Name and Last Name respectively. You can also set the Relationship to “Child” 18. Click Save

Hong Kong
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India
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Caribbean
Jamaica {{{Jamaica Workbook Template}}} Trinidad and Tobago {{{Trinidad and Tobago Workbook Template}}} Barbados {{{Barbados Workbook Template}}} Bermuda {{{Bermuda Workbook Template}}} Bahamas {{{Bahamas Workbook Template}}} Puerto Rico {{{Puerto Rico Workbook Template}}}

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