[Series 65] 38, Trusts and Estates as Clients

[Series 65] 38, Trusts and Estates as Clients

From Open Exam Prep by Ran Chen, EA, CFP®

May 1, 2026 · 3 min

About this episode

This episode discusses the key differences between revocable and irrevocable trusts, fiduciary responsibilities, and the probate process in estate planning.

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The key tax and control differences between revocable and irrevocable trusts. - The fiduciary responsibilities of a trustee under the Uniform Prudent Investor Act. - How trusts and wills interact with the probate process in estate planning. - The purpose and application of the Generation-Skipping Transfer Tax (GSTT). - A mnemonic to easily distinguish between revocable and irrevocable trusts for the exam. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

People in this episode

Host: Ran Chen

Topics covered

  • trusts
  • estates
  • probate process
  • fiduciary responsibilities
  • tax differences
  • estate planning

Keywords

  • trusts
  • estates
  • probate
  • fiduciary
  • tax
  • GSTT
  • exam preparation

Mentioned in this episode

Organizations: Open Exam Prep

Products: EA license, Insurance and Securities licenses (Series 6, 63, 65), CFP® designation, Generation-Skipping Transfer Tax (GSTT)

Books & works: Uniform Prudent Investor Act

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