Future-Proof Drafting: Key Essentials for Succession Lawyers – a live lunchtime online conference

Session 1: Gone but not Forgotten: A Drafting Guide for Statements of Wishes

Statements of wishes are becoming increasingly popular as a mechanism for supporting a will, but can also cause discontent within a family and lead to will challenges. This session sets out how to draft a statement of wishes to achieve its aim and minimise the risk of a family fall-out, including:

• Why have a statement of wishes? Benefits and disadvantages
• What form should the statement take?
• A discussion on the content of a statement of wishes – what’s out and what’s in
• The importance of language and avoiding incrimination and ill-will
• Tips for explaining exclusions and intentions in gift making
• Can a statement of wishes be made confidential or restricted in its disclosure?
• Formalities and execution
• Examples and a discussion of recent cases.

Session 2: In for a Penny, Out for Pound: Drafting Settlement Agreements in Estate Litigation

Whether settled by mediation or at the court door, documenting settlement agreements in emotional and often fraught circumstances means both good preparation and clear-headedness by the advising legal practitioner is essential. This session will provide the toolkit necessary to take control of the situation and achieve the best outcome for your client, including:

• What should be on the checklist and/or prepared in advance?
• What are the usual stumbling blocks to a quick execution of the settlement deed?
• Ensuring accuracy in recitals and party details
• Identifying relevant property and assets and timelines for transfers
• Allocating responsibility for taxes and costs
• Relevant warranties, liabilities and indemnities
• Other essential clauses and next steps.

Session 3: The ABCs of Parent to Child Loan Agreements

Inter-generational loans are becoming more common as a result of reduced housing affordability and a tightening economy. While the temptation can be to adopt a “she’ll be right attitude”, experience indicates that a well-drafted comprehensive written agreement will withstand the test of time.   This session will provide a guide to documenting and drafting water-tight loan arrangements, including:

• The preliminaries – who is my client? Loan or gift?
• A checklist of document essentials
• Risk management provisions including:
  • Taking security
  • Interest payments
  • Term of loan
  • Repayment
• How to draft for asset protection in the event of relationship changes
• Factoring in the impact of aged care, incapacity or death on the loan arrangement
• Dispute resolution processes and enforceability issues
• Liabilities, financial implications and taxation consequences
• Updating estate planning arrangements to reflect the loan.