PPC1 Probate & Tax study guide
PPC1 Probate & Tax · Work through your exam, one topic at a time.
PPC1 Probate & Tax is a professional paralegal certification exam focused on the two areas that dominate an estates practice: the probate process and the tax rules that surround death and lifetime giving. It is aimed at paralegals and legal support staff who already work, or intend to work, in estate administration, elder law, or a tax-adjacent practice and who want a credential that signals practical command of the subject rather than general legal knowledge. The PPC1 Probate & Tax study guide has 8 sections and about 2,286 words.
01Probate and Estate Administration Fundamentals
Probate is the court-supervised process for validating a will, appointing a personal representative (PR), marshaling and valuing assets, paying debts and expenses, and distributing the residue. Know the sequence: petition and notice, appointment (letters testamentary for a will, letters of administration for intestacy), inventory, creditor claim period, accounting, and closing.
306 words, about 2 min02Intestate Succession and Wills
Intestate succession is the statutory default when there is no valid will or when a will fails to dispose of property. Surviving spouse and descendants usually take first, with shares and representation rules determining how descendants divide a decedent's share.
306 words, about 2 min03Trusts and Fiduciary Administration
A trust requires a settlor with capacity and intent, trust property, a trustee, and identifiable beneficiaries. Know the distinction between revocable and irrevocable trusts, inter vivos and testamentary trusts, and the roles of trustee, beneficiary, and remainderman.
263 words, about 1 min04Federal Estate and Gift Taxation
Estate and gift taxes share a unified credit and a single graduated rate structure. Know the concepts of gross estate (all property owned at death, including certain lifetime transfers), adjusted gross estate (gross estate less deductions), taxable estate (after the marital and charitable deductions), and adjusted taxable gifts (post-1976 taxable gifts added back to compute the tentative tax, with gift tax already paid credited).
298 words, about 1 min05Federal Income Taxation of Estates, Trusts, and Decedents
Estates and trusts are separate taxable entities using Form 1041. Understand distributable net income (DNI) , which caps the deduction for distributions and determines the character of income to beneficiaries.
285 words, about 1 min06Basis, Portability, and Transfer Tax Returns
Know the difference between carryover basis (gifts) and stepped-up (or stepped-down) basis (property included in the decedent's gross estate, generally fair market value at death). The step-up eliminates pre-death appreciation but not IRD.
295 words, about 1 min07Ethics, Professional Responsibility, and Practice Management
Practitioners in probate and tax must understand the duties owed to clients and to the court. Key concepts include conflict of interest (representing both the PR and beneficiaries, or multiple beneficiaries with divergent interests), confidentiality , competence , and communication .
257 words, about 1 min08Probate and Tax Procedures, Filings, and Deadlines
Candidates must know the major filings and their deadlines: the estate tax return (Form 706) generally due nine months after death, extendable; the decedent's final income tax return due April 15 of the following year; fiduciary income tax returns (Form 1041) due the 15th day of the fourth month after the entity's year end; and gift tax returns (Form 709) due April 15. Probate filings-petition, inventory, accounting, and closing-follow jurisdiction-specific timelines.
276 words, about 1 min