Send us Fan Mail Trusts, Estates & Joint Accounts | Series 65 and Series 66 Exam Prep Everything you need on trusts, estates, and joint accounts for the Series 65 (Uniform Investment Adviser Law Examination) and Series 66 (Uniform Combined State Law Examination). This topic isn't a huge percentage of the exam, but it's easy points if you know the patterns NASAA likes to test. What this video covers: Joint account types — JTWROS (Joint Tenants with Rights of Survivorship), Tenants in Common, Tenants by the Entirety, and community property. The survivor question and how the exam tests it. The three players in every trust — grantor (settlor, trustor), trustee, and beneficiary. Revocable vs irrevocable trusts — what changes, who pays the taxes, why the IRS doesn't care about your revocable trust, and what you actually get in return for giving up control. Testamentary trusts — when they're funded and why probate still applies. Why people set up trusts in the first place — probate avoidance, privacy, control after death, and estate tax reduction. The four real reasons, ranked. The Prudent Investor Rule under the Uniform Prudent Investor Act — fiduciary duty, total portfolio approach, diversification, and the wrong answers the exam loves to throw at you. Trustee duties with multiple beneficiaries — balancing income beneficiaries against remainder beneficiaries, what the trustee considers, and what the trustee absolutely does not care about. Estate accounts — executor vs administrator, Letters Testamentary vs Letters of Administration, and how the account actually works. Common Series 65 and 66 exam questions answered: Who gets taxed on a revocable trust? The grantor. Who gets taxed on an irrevocable trust? The trust or the beneficiary. Does a revocable trust reduce estate taxes? No. Does a revocable trust avoid probate? Yes. When is a testamentary trust funded? At the grantor's death. Who can trade a trust account? The trustee. What standard does a trustee follow? Prudent investor rule. Taught by Ken Boyd — former NYSE floor trader (1989–2009) and founder of Capital Advantage Tutoring. 35 years on Wall Street. Series 7, SIE, Series 63, 65, and 66 exam prep. 📚 Series 65 and Series 66 tutoring: https://series7exam.org 🎯 Subscribe for more exam prep: @Series7Exam 💬 Questions? Live Q&A every Tuesday and Thursday. #Series65 #Series66 #Series65Exam #Series66Exam #NASAA #InvestmentAdviser #ExamPrep #Series65Prep #Series66Prep #TrustsAndEstates #FinanceExam #SecuritiesLicense Support the show 📚 About the Podcast Real-world finance explained the way exams and real life actually test it. Ideal for the SIE, Series 7, Series 65/66, and anyone who wants to actually understand money—not just memorize buzzwords. ⚠️ Disclosure This podcast is for educational purposes only and is not a recommendation to buy or sell any security. Opinions expressed are solely those of the host. 🚀 Go Deeper Live classes, tutoring, practice questions, and bonus content: 👉 Website / Classes: https://capitaladvantagetutoring.com 👉 YouTube: https://youtube.com/@Series7exam 👉 Substack:https://substack.com/@series7whisperer? New episodes weekly — subscribe so you don’t miss one.
