Title: (Optional) Examine types and purposes of estate planning.
Course: Personal Finance (19262-II) > Section: Demonstrating Knowledge of Taxes

Examination should include types of estate planning such as wills, trusts, and joint tenancy, as well as the following purposes of estate planning:

- To state how a person wants his or her estate distributed after death
- To appoint the person (i.e., executor) who should distribute the estate
- To record other information, such as one's wishes regarding care of minor children and/or beneficiaries
- To avoid probate, or to reduce taxes or other costs

Examination should also include considerations regarding wills, including the ramifications of

- dying without a will (i.e., intestate)
- failing to keep a will current
- revoking a will.