Drafting for Maximum Impact in the Succession Plan – 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: Drafting Special Conditions in Powers of Attorney

Planning for incapacity requires a thoughtful and considered process, especially when dealing with decisions which impact other family members. This session will examine the complex issues surrounding drafting powers of attorney, and in particular where special conditions need to be included to manage individual circumstances, including:

• Jurisdictional considerations and forms
• Types of powers of attorneys and requirements
• Back to basics: the duties of an attorney and lessons from the courts
• Taking instructions and advising your client – what they need to know
• Appointing an attorney – pro’s and con’s of selection and joint or alternative appointments
• Drafting strategies for second spouse and blended family situations
• Drafting special conditions and limitations for:

• Financial and real property transactions
• Gifts and loans
• Special needs family members
• Future needs
• Superannuation decisions

• Tips for minimising the risk of challenges and abuse.

Session 2: Sunrise Sunset: Drafting Binding Financial Agreements and Wills for Late in Life Relationships

Late in life relationships can bring unexpected joy to those involved, but also result in additional complications when factoring in issues of blended families, financial disparities or limitations, aging and health issues. This session provides a guide to drafting provisions in binding financial agreements and wills with these complexities in mind, including:

• Understanding when a late in life relationship arises and/or ends – is a sexual relationship and living together a requirement for a de facto relationship?
• Drafting considerations for binding financial agreements including:

• Capacity and comprehension of the parties
• Undue influence of adult children
• Impact of the relationship on eligibility for pension or government benefits
• Financial support now and in the future
• Asset use and other support where a party is required to go into aged care
• Does the relationship end if one party goes into aged care or becomes incapacitated?
• How enforceable is a BFA following the incapacity or death of a party?

• Advising a client on will preparation in a second or subsequent relationship, including:

• Considerations of adult children and family provision claims
• Financial status of the surviving spouse and consequences of inheritance
• Options for protecting or supporting the living arrangements of the surviving spouse
• Anticipating health and aging issues for the surviving spouse.

Session 3: All in the Family: A Guide to Drafting a Family Constitution

The longevity and success of intergenerational family businesses lies not only in commercial acumen but also in shared goals and relationship management. This session will examine the increasing use of family constitutions to provide a framework for planning and managing family businesses through the generations, including:

• The advantages and disadvantages of having a family constitution

• In what circumstances will a family constitution be beneficial?
• Is a family constitution enforceable?
• When is the optimum time for entering into a family constitution?
• Key components of a family constitution, including:

• Objectives and future plans for the business and ongoing reviews
• Asset identification, division and sharing
• Establishment of a family governance structure for decision-making and membership
• Compensation/equity/remuneration and other benefits and policies for family members, whether or not working in the business
• Supporting or expanding into new ventures including younger generation entrepreneurs
• Confidentiality and information disclosure arrangements
• Expectations for family member involvement and succession planning
• Guiding principles for selling, re-investing and buying out family members
• Procedures for reviewing and amending the constitution and family arrangements.

• Drafting tips for managing change, unexpected events and family relationship breakdowns and disputes