Estate Planning & Budgeting Training Course

Introduction

Thoughtful estate planning is a critical aspect of responsible financial management, ensuring your assets are protected and distributed according to your wishes. This essential training course focuses on Estate Planning Basics & Budgeting Considerations, equipping participants with the fundamental knowledge to prepare for the future and integrate estate planning into their overall financial plan. You will learn about key estate planning documents, understand the importance of budgeting for related expenses, and gain clarity on how to safeguard your legacy. Mastering estate planning basics & budgeting considerations provides peace of mind and ensures your financial well-being extends beyond your lifetime.

This intensive training course delves into the essential elements of preparing for the future through foundational estate planning and practical budgeting strategies. We will explore the core components of an estate plan, including wills, trusts, and beneficiary designations, and discuss the budgeting considerations associated with setting up and maintaining these arrangements. Participants will learn how to assess their individual estate planning needs, understand the potential costs involved, and integrate these expenses into their long-term financial plan. By the end of this training course, you will be equipped with a solid understanding of estate planning basics and the budgeting awareness necessary to secure your financial future and protect your loved ones.

Target Audience

• Individuals beginning their estate planning journey
• Those wanting to understand the basics of wills and trusts
• People seeking to integrate estate planning costs into their budget
• Families wanting to plan for the future and protect their assets
• Young professionals starting to think about estate planning
• Anyone wanting to understand beneficiary designations
• Individuals seeking peace of mind through estate planning

Course Objectives

• Understand the fundamental principles and importance of basic estate planning.
• Learn about key estate planning documents, including wills and trusts.
• Understand the role of beneficiary designations in estate planning.
• Identify your basic estate planning needs based on your assets and family situation.
• Learn about the potential costs associated with creating and maintaining an estate plan.
• Develop strategies for budgeting for estate planning expenses.
• Understand the basics of probate and how estate planning can help avoid it.
• Learn about the importance of updating your estate plan regularly.
• Explore the basics of estate taxes and potential strategies for minimizing them.
• Understand the role of powers of attorney for healthcare and finances.
• Learn about the importance of discussing your estate plan with your loved ones.
• Understand the basics of planning for digital assets in your estate plan.
• Develop a basic understanding of how to get started with your estate planning and budgeting.

Duration

5 Days

Course Content

Module 1: Introduction to Estate Planning Basics

• Understanding what estate planning is and why it's important for everyone for your module.
• Recognizing the potential consequences of not having an estate plan.
• Exploring the key goals of estate planning: asset distribution, guardianship, tax minimization.
• Understanding the basic legal terminology related to estate planning.
• Setting a proactive mindset towards preparing for the future.

Module 2: Key Estate Planning Documents: Wills

• Understanding the purpose and components of a will for your module.
• Learning about the legal requirements for creating a valid will.
• Identifying who can be a beneficiary and an executor.
• Understanding the process of probate and how a will guides it.
• Recognizing the limitations of a will and when other tools might be necessary.

Module 3: Key Estate Planning Documents: Trusts

• Understanding the purpose and different types of trusts (e.g., revocable, irrevocable) for your module.
• Learning about the roles of the grantor, trustee, and beneficiary.
• Exploring the benefits of using trusts for asset protection and estate tax planning.
• Understanding when a trust might be a more suitable option than a will.
• Recognizing the costs associated with establishing and maintaining a trust.

Module 4: The Role of Beneficiary Designations

• Understanding how beneficiary designations on accounts (e.g., retirement, insurance) transfer assets directly for your module.
• Learning how to properly complete and update beneficiary forms.
• Recognizing the importance of coordinating beneficiary designations with your will or trust.
• Understanding the tax implications of different beneficiary designations.
• Avoiding common mistakes in beneficiary planning.

Module 5: Identifying Your Basic Estate Planning Needs

• Assessing your assets and liabilities to understand the scope of your estate for your module.
• Considering your family situation and who you want to inherit your assets.
• Identifying any specific wishes regarding your assets or care.
• Determining if you have minor children who require guardianship planning.
• Recognizing the complexity of your estate and when professional legal advice is needed.

Module 6: Budgeting for Estate Planning Expenses

• Understanding the potential costs of creating a will or trust for your module.
• Learning about attorney fees and other administrative expenses associated with estate planning.
• Considering the ongoing costs of maintaining a trust (trustee fees).
• Planning for the costs of updating your estate plan in the future.
• Integrating estate planning expenses into your overall financial budget.

Module 7: Understanding Probate and Avoidance Strategies

• Learning about the probate process and its potential costs and time delays for your module.
• Exploring how estate planning tools like trusts and joint ownership can help avoid probate.
• Understanding the benefits of probate avoidance for your beneficiaries.
• Recognizing the specific probate laws in your jurisdiction.
• Discussing probate avoidance strategies with your estate planning professional.

Module 8: Regular Review and Updates

• Understanding why it's crucial to review and update your estate plan periodically for your module.
• Recognizing life events that necessitate an estate plan update (marriage, divorce, birth of children).
• Establishing a schedule for reviewing your documents.
• Understanding the process of amending or restating your will or trust.
• Ensuring your estate plan continues to reflect your wishes and current laws.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre.

We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 7 working days before commencement of the training.