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Apr 05, 2025
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PAL 121 - Estates and Trusts
Credits: 3
3 Lecture Hours
Description
This course provides students an introduction to estates and trusts, including lifetime trusts established during a person’s lifetime as well as trusts and estates set up upon death. Students examine concepts relating to property, wills, estate planning and administration. Students engage in the probate process and estate administration learning the fundamentals of practice in the probate court and gain an overview of the Uniform Probate Laws. Students also review the various types of nonprobate transfers and the benefits and challenges of structuring assets to allow for direct ownership transfers upon death.
Learning Outcomes
Upon successful completion of the course, the student will:
- Explain key concepts related to property, trusts, wills and estate planning.
- Draft documents involved in estate and trust matters.
- Identify the legal and ethical responsibilities of estate professionals to beneficiaries, courts and other relevant parties.
- Generate essential documents for initiating and managing the administration of a decedent’s estate or trust.
- Navigate estates and trusts law to provide assistance to the legal profession in an ethical manner.
- Explain the legal operation of nonprobate transfer mechanisms such as multi-party accounts, contracts, annuities and life insurance policies.
Listed Topics
- Introduction and source of law
- The concept of property relating to wills, trusts and estate
- The laws of succession, death testate or intestate and the purpose of a will contests
- Wills: validity, requirements, modification, revocation and Pennsylvania probate procedure
- Estate planning and estate administration
- Drafting and executing a valid legal will
- Introduction to trusts
- Personal representatives
- Formal and informal probate administration
- Tax considerations
- Nonprobate assets
Reference Materials
Current textbook and materials as deemed appropriate by the instructor.
Students who successfully complete this course acquire general knowledge, skills and abilities that align with CCAC’s definition of an educated person. Specifically, this course fulfills these General Education Goals: - Critical Thinking & Problem Solving
- Information Literacy
Approved By: Dr. Quintin B. Bullock Date Approved: 03/14/2025
Last Reviewed: 03/14/2025
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