Estate and Trust Asset Management (ETM)

What will you learn about?

Students will acquire detailed knowledge about administering estates with unique assets, including those operating a business or with assets or beneficiaries in foreign jurisdictions. Upon completion of the course students will be able to:

  • Administer a portfolio of estates and trusts in accordance with the terms of governing documents, relevant law and corporate risk management policies and procedures
  • Discuss investment guidelines for trustees
  • Identify when specialists are required to guarantee authoritative service and advice, and at a reasonable cost
  • Detail how to ensure proper valuation, retention and sale of farm assets
  • Explain the details upon the death of an owner for each type of proprietorship, including “wind-up”, sale or continued operation of the business, the valuation process and tax consequences
  • Identify issues that may arise when trust assets or beneficiaries reside in foreign jurisdictions
  • Explain the methods used to gather information about active companies and evaluate their worth
  • Outline the duties and restrictions imposed upon an executor in dealing with a business asset

ETM is one of the requirements for CSI’s MTI® Estate and Trust Professional designation. It can also be taken as a stand-alone course.

What is the course syllabus?

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Module 1 - Trust Investment and Jurisdiction – Law and Guiding Principles

Section 1 - Trustee Investment

Topics covered in this section are:

  • Powers, Duties and Liabilities of the Trustee: A Review
    of General Principles
  • Duties of the Trustee
  • Powers of the Trustee
  • Investment Powers
  • Standard of Care in Investment Decision-making
  • Impartiality Among Beneficiaries in Investment Decision-Making
  • Setting an Investment Strategy
  • Investment Policy Statement and Ongoing Review
  • A Word About Executor Duties and Estates
  • Appendix A: Common Law Province Legal Lists
  • Appendix B: Presumed Sound Investments Under
    the Quebec Civil Code
  • Appendix C: CABICA Legal for Life list
  • Appendix D: Uniform Trustee Investment Act, 1997
  • Appendix E: Summary of Provincial Trustee Investment Legislation

Section 2 - Introduction to Multi-Jurisdictional Succession and Foreign Asset Management

Topics covered in this section are:

  • Conflict of Laws
  • Domicile and Situs
  • Intestate Succession
  • Testate Succession (Common Law)
  • Testate Succession (Civil Code of Quebec)
  • The Hague Convention on Succession
  • Trusts and the Conflict of Laws (Common Law)
  • Trusts and the Conflict of Laws (Civil Code)
  • The Hague Convention on Trusts
  • Restrictions on Testamentary Freedom Under Foreign Law
  • The New Law (Regulation (EU) No.650/2012
    the “Succession Regulation”)
  • Conclusion
  • Impact of Matrimonial Regime
  • Establishing the Authority of the Executor or Trustee
  • Multi-Jurisdictional Wills
  • Beneficiaries Who Live Elsewhere

Module 2 - Business

Section 1 - Types of Business Interests

Topics covered in this section are:

  • Sole Proprietorship
  • Partnership
  • Corporations

Section 2 - Review the Will

Topics covered in this section are:

  • Review the Will
  • Powers and Directions
  • Buy/Sell and Partnership Agreements
  • Powers to Postpone and Retain
  • Other Powers
  • Safeguard the Business
  • A Note on Bookkeeping

Section 3 - Review of the Business

Topics covered in this section are:

  • Analysis of Financial Statements
  • Review of Corporate Records and Income Tax Returns
  • Obtaining Information from Knowledgeable People

Section 4 - Definitions of Value

Topics covered in this section are:

  • Definitions of Value
  • Valuation Approaches and Methods
  • Valuation of Goodwill
  • Minority Interests Versus Controlling Interests

Section 5 - Disposition of a Business

Topics covered in this section are:

  • Selling Business Assets and Interests
  • Selling A Sole Proprietorship
  • Selling a Partnership Interest
  • Selling Shares in a Private Corporation
  • Practical Matters

Section 6 - Ongoing Management of Private Corporations

Topics covered in this section are:

  • Duties of Directors
  • Liability of Directors
  • The Trustee as Shareholder
  • Taxation of Business Interests

Section 7 - Introduction to Farms

Topics covered in this section are:

  • Chores—The First Question
  • Types of Farms
  • Immediate Action—Prior to Probate
  • Records to be Kept
  • Farmers and the Income Tax Act

Module 3 - Non-Traditional and International Investments

Section 1 - Non-Traditional Assets

Topics covered in this section are:

  • Non-Traditional Assets
  • Digital Assets
  • Hedge Funds
  • Commodities
  • Real Estate
  • Private Equity
  • Collectibles
  • How to Invest In Alternative Investments
  • Commodities
  • Real Estate
  • Private Equity Structures
  • Appendix A—Private Equity Investments
  • Appendix B—Additional Notes on Investing in Hedge Funds
  • Appendix C—Principal-Protected Notes:
    Some Notes on Risks and Costs
  • Appendix D—Supplementary Information
    on Investing in Commodities
  • Appendix E—Real Estate Syndication Types: Definitions

Section 2 - International Investing

Topics covered in this section are:

  • Historical Background
  • Major International Equity Benchmarks
  • Advantages and Disadvantages of International Investing
  • Foreign Investment Vehicles

Module 4 - Managing Risk

Section 1 - Managing Risk

Topics covered in this section are:

  • Identification of Risks
  • Measuring Investment Risk
  • Reducing Investment Risk Through Diversification
  • Reducing Investment Risk Using Options
  • Reducing Risk Using Futures Contracts
  • Reducing Risk Using an Equity Monetization Strategy
  • Reducing Risk Using Principal-Protected Notes
  • Reducing Risk Using Segregated Funds
  • Appendix A—Option Markets and Option Vehicles
  • Appendix B—Equity Monetization

Section 2 - Portfolio Solutions

Topics covered in this section are:

  • Types of Portfolio Solutions
  • The Role of Portfolio Solutions in Client Investments
  • Portfolio Solution Fee Structures
  • Selection Criteria for Portfolio Solutions
  • Monitoring and Evaluating Portfolio Solutions Performance
  • Tax Considerations for Portfolio Solutions
  • Overlay Management
  • Appendix A: Two Benchmarks for Assessing Relative Returns

How will you learn?

CSI’s online learning system helps you meet your study goals. You’ll benefit from:

  • Textbook readings available in PDF and printed format
  • Course materials accessed through your computer or laptop
  • Learning objectives that help you to keep the learning focused
  • Online activities to help assess your progress, including review questions for each course module
  • Online assistance from CSI’s academic support specialists

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