Maximising Control in the Succession Plan

Controlling Assets From Beyond the Grave

For some clients, succession planning is a prime opportunity to continue to control or exert an influence over their assets, even after death. However, ruling from the grave poses significant challenges, and careful planning is required. The morning sessions examine the key issues, including the effective use of trust deeds and family constitutions, the use of mutual wills, and navigating post-death superannuation distributions.

• Trust Deeds and Family Constitutions
  • Families with considerable wealth are increasingly using family trusts and family constitutions to hold and distribute their assets, thus reducing the need to rely on wills as the sole mechanism for estate distribution. This session will look at the essential elements of trust deeds and family constitutions and how to bullet proof them to withstand changes in family circumstances arising from the death of key family members.
• Till Death Us Do Part: How Effective Are Mutual Wills?
  • Mutual wills can be a useful estate planning tool, but should not be entered into lightly. This session will take a deep dive into the characteristics and requirements applicable to mutual wills, including cases that provide a warning of what a tricky area this is for practitioners.
• A Super-Size Complexity: Post Death Superannuation Distributions
  • Personal superannuation assets are increasingly becoming more valuable and, in some instances, may exceed the value of assets forming part of the estate. There is often confusion about what happens to superannuation when the fund member dies, and this session will provide a guide to management of this non-estate asset.

Drafting Strategies for Maximum Control in the Succession Plan

When it comes to effective succession planning, control and certainty is key. This practical half day examines how to best maximise control in the succession plan, with a focus on drafting strategies. It examines will provisions for gifts and loans, drafting specific powers and limitations in an enduring power of attorney, and how to draft effective testamentary trusts.

• Forever in Your Debt: Will Provisions for Post-Death Financial Management
  • Older people are dying with a more complicated financial position than ever before, often as a result of increasing costs of living for themselves and their children. This session will provide advice on will drafting to take into account loans and debts.
• Drafting Specific Powers and Limitations in an Enduring Power of Attorney
  • Appointing an attorney to act on behalf of a person can safeguard that person’s interests and those of their family. The dilemma in drafting an enduring power of attorney is the nature and extent of the powers to be given to the attorney, particularly as these cannot be changed once the donor becomes incapacitated. This session will explore some of the drafting options.
• Drafting Effective Testamentary Trusts
  • There are numerous benefits for both the testator and beneficiaries in the creation of a testamentary trust for the holding and distribution of estate assets and income after death. The establishment and ongoing arrangements for a trust need to be set up in the will and requires care in drafting to avoid problems down track. This session details the essential provisions of a testamentary trust arrangement.