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CSI will be performing system maintenance on Saturday May 11th from 5 a.m. until 1 p.m. ET. You will not have access to your “myCSI” student account, nor will you be able to book, cancel or reschedule exams during this time. You can still access your online course materials by visiting connect.csi.ca then connecting to “Blackboard Learn”.

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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