Succession Planning for Blended Families – a recorded lunchtime online conference

Duration: Approximately 2.5 Hours

Hear from the experts at this online conference. You can watch it on your computer or on your portable electronic device from anywhere.

The conference will be based on our highly successful video webinar technology: there'll be a chairperson and presentations.

One registration can be shared by colleagues within the same firm utilising the same login.

THE PROGRAM

Session 1: Minimising Inheritance Challenges in Blended Families

Blended families are an increasing source of disputes over wills and estates. However, there are proactive steps that parents in blended families can take at the will-making stage to minimise the risk of challenges down track and create greater certainty of achieving the desired distribution of assets. This session examines the key strategies, including:

• Developing asset management plans for blended families – what factors need to be considered?
• What is adequate spousal provision and why is it important?
  • Life interests and other measures to protect surviving spouse
  • Characteristics of a right to reside
  • What conditions can be attached to a right to reside?
• The role of mutual wills in blended families to help minimise future disputes
  • How should a will be structured to take into account the varying needs of a blended family?
  • The problem with mirror wills – the potential actions of the surviving spouse
  • Is a mutual will agreement a solution?
• Case studies

Session 2: Choose Wisely: Power of Attorney Appointments in Blended Families

Planning for incapacity brings with it challenges where blended families are involved, most particularly who should be appointed as an attorney in the event of the incapacity of one party to the relationship. This session will examine some of the key issues to bear in mind when drafting powers of attorney in a blended family dynamic, including:

• Blended family considerations for attorney appointment: Smith v Smith [2017] NSWSC 408; Dawson v Dawson 2019] NSWCA 826
• Pro’s and con’s of joint, joint and several and alternate appointments in blended family scenarios
• Drafting limitations and conditions for:

• Financial and property transactions
• Gifts and loans
• Accommodation in the future

• Proactive strategies for minimising abuse by attorneys in blended families

• Case studies

Session 3: Superannuation Planning for Blended Families

Superannuation is generally the second most valuable asset in personal wealth, and as treated separately from an estate upon death can be an effective vehicle for protecting and transferring wealth as intended by the member. This session will examine strategies for parents in a blended family to ensure that any superannuation balance existing at their death can be directed as intended, including:

• Considerations for determining SMSF membership in blended family situations
• Personal or corporate trustee and their obligations
• Determining control of the super fund on the death of a key member
• Treatment of superannuation on the death of a member: who is a dependant and other issues for determining beneficiaries in blended family scenarios
• The role of BDBNs in blended families
• Consequences of not having a BDBN: the lessons from Wareham v Marsella [2020] VSCA 92 on discretionary obligations of a trustee
• Structuring the fund in challenging family circumstances – key appointments, arrangements and essential deed terms