The Will Drafting Blueprint: Crafting Ironclad Legacies in the Succession Plan - 5 program on-demand webinar series for succession lawyers

Program 1: Integrity in Will Drafting: Navigating Undue Influence, Capacity and Conflicts

In Schwanke v Alexakis; Camilleri v Alexakis [2024] NSWCA 118, the court scrutinised the role of the lawyer who prepared the will pursuant to which the testator left substantial gifts to his treating doctor. The court particularly focused on the lawyer’s efforts to investigate the reasons for these gifts, which were later challenged on the grounds of undue influence and unconscionability.  Using Schwanke as a case study, this webinar will delve into:

• The critical requirement of assessing the testator’s capacity
• Managing potential conflicts of interest when drafting a will
• The necessity of thoroughly understanding and documenting the testator’s intent
• The importance of a comprehensive inquiry into the testator’s reasoning for their decisions
• Key considerations when the referrer to the testator is also a beneficiary
• Strategies to safeguard the integrity of your legal advice and prevent future challenges

Program 2: Don’t Forget Me When I’m Gone: Life Tenancies and Remaindermen in Succession Planning

Whilst life tenancies are a useful means of providing for beneficiaries after the passing of a testator, they are not without their pitfalls. This session provides a comprehensive guide to advising clients on life tenancies, exploring when they are the right choice and how to manage potential conflicts and responsibilities. It covers:

• Weighing the advantages and disadvantages of life estates in estate planning
• Strategic comparison of life estates vs rights of occupation
• The legal framework and process for creating life estates
• Understanding estates per autre vie and their implications
• Managing the rights to possession and enjoyment of property
• Identifying and defining the roles of remaindermen in the estate
• Strategies for resolving conflicts between life tenants and remaindermen
• Clarifying the responsibilities and costs associated with asset maintenance
• Analysing the taxation implications for life tenants and the overall estate
• Lessons from key cases, including Nomchong v Vey-Cox [2019] NSWSC 1072

Program 3: The Power and Pitfalls of Testamentary Trusts

Testamentary trusts are often seen as a go-to solution in succession planning, but are they always the best fit for every client? This session will challenge the "one-size-fits-all" mindset and dive deep into the intricacies of these trusts. Discover when and how testamentary trusts can maximize asset protection and tax benefits, while uncovering the hidden challenges and strategic considerations that can make or break your client’s succession plan. It covers:

• Deep dive into the scenarios where testamentary trusts provide the greatest advantages, including asset protection and tax optimization
• Advanced techniques for assessing the nature, value, and distribution of estate assets within the framework of a testamentary trust
• Tailoring the trust provisions to meet the nuanced needs of multiple beneficiaries, balancing financial circumstances with the testator’s precise intentions
• Tips and traps for trusts for minor children
• Case studies and key lessons from the courts

Program 4: SMSFs in the Succession Plan: Is a Tune-up in Order?

A self-managed superannuation fund (SMSF) with an outdated, inappropriate, or missing succession plan can lead to significant uncertainties in the control of the fund and the distribution of superannuation benefits. Therefore, meticulous succession planning is essential when advising clients with an SMSF. In this webinar, we will explore:

• Identifying and addressing deficiencies in SMSF trust deeds and other fund documents
• Ensuring consistency between wills, powers of attorney, and other estate planning documents
• Resolving conflicts between binding death benefit nominations and other estate planning strategies
• Passing control of an SMSF – are all your ducks in a row?
• Strategies for appointing and removing trustees
• Assessing the impact of a member’s death on compliance with SISA
• Case studies exploring tax exposure based on potential death benefit beneficiaries

Program 5: The Perfect Blend? Harmonizing Inheritance for Blended Families

Succession planning for blended families requires careful navigation of complex relationships and competing interests. With the potential for conflict between surviving spouses, children, and stepchildren, a well-structured estate plan is crucial to ensuring that the testator's wishes are honoured. This session will delve into the strategies and considerations necessary to create a robust succession plan for blended families, addressing both common challenges and unique circumstances. It covers:

• Mapping the family tree: Essential steps in establishing lineage and relationships for estate planning
• Assessing asset ownership: How ownership structure influences the distribution and management of assets
• Managing child support: Addressing ongoing or outstanding child support obligations in estate planning
• Advising clients with estranged children: Tailoring estate plans to complex family dynamics
• Excluding stepchildren: Legal and ethical considerations when clients wish to limit inheritance to biological children
• Mutual wills: Evaluating the benefits and drawbacks in the context of blended families
• Former spouse entitlements: Understanding the rights of former spouses to claim against the estate