Estate planning : a practical guide for estate and financial service professionals

Description

Full Title Copyright Foreword Foreword to the Third Edition Preface The Scheme of this Book Table of Cases Table of Statutes Table of Contents PART ONE ESSENTIAL FRAMEWORKS CHAPTER 1 Introduction to Estate Planning Introduction Estate Planning is a Strategic Advisory Engagement The First Step — Delivering the Estate Situation Review Estate Succession Plans Conclusion Revision Questions CHAPTER 2 Establishing and Managing the Engagement Introduction Client Choice — What Kind of Adviser Do I Need? Client Duty — An Obligation to Communicate Client Responsibility — An Ability to Communicate Client Responsibility — An Ability to Decide Practitioner Responsibility at Initial Engagement Statements Reasonably Relied on — General Duty of Care The Professional Landscape of Estates Practice Professionalism Risks for Estates Practitioners Aspects of the Client/Adviser Relationship Client Interest-Based Advising — A Reflection on the Duty of Care Moving from Estate Planning to Administration Compliance, Management and Operations Compliance Regime Accountability Impact of Business Models on Professional Practice Business Process — Client Engagement Systems to Support the Engagement Policies to Support Estates Practice Revision Questions PART TWO THE LEGAL ENVIRONMENT CHAPTER 3 Wills, Probate and Succession Introduction Formal Requirements of Wills Wills of Minors Witnesses Effect on a Will of Marriage and Divorce Revocation Alterations to Wills Informal Wills Revival Court Authorised Wills for Persons Who Do Not Have Testamentary Capacity Gifts to Descendants Who Do Not Survive the Will-Maker Rectification of Wills by Courts Important Miscellaneous Provisions How the Provisions Apply to New South Wales The Principles of Ademption, Description of Assets, Satisfaction and Debt, and Public Policy Types of Gifts in a Will The Preparation and Structure of a Will The Structure of a Will Intestacy Children and Succession Law International Wills Revision Questions CHAPTER 4 Taxation of Estates Introduction Tax Obligations of Executors Tax Rates for the Deceased Estate Capital Gains Taxes and Deceased Estates Testamentary Discretionary Trusts Taxation of Superannuation Benefits Revision Questions CHAPTER 5 Property, Equity and Trusts Introduction Property Ownership and Control Property Law Equity Trusts Revision Questions CHAPTER 6 Contracts Introduction Contracts in Estates Practice Sources of this Law Impacts on Estate Administration Revision Questions PART THREE RESPONSES CHAPTER 7 Responding to Family Breakdown Introduction Family Breakdown before Death Family Breakdown after Death Summary and Suggestions Revision Questions CHAPTER 8 Responding to Changes in Capacity and Cognition Introduction Planning for Declining Capacity and Deteriorating Health Agents, Fiduciaries, Carers and Representatives — The Difference Testamentary Capacity and Undue Influence Revision Questions CHAPTER 9 Estate Planning in Action Introduction Common Estate Analysis Work Challenges and Choices for Advisers and Clients Estate Planning Solutions — Some Choices Documenting Recommendations Revision Questions PART FOUR ESTATE ADMINISTRATION CHAPTER 10 Getting on with the Work After the Estate Administration Plan — Next Steps Revision Questions APPENDICES Chapter 1 Appendix A Estate Administration Flow Chart Chapter 1 Appendix B Implementing Estate Advisory Services Flow Chart Chapter 1 Appendix C Estate Founders Flow Chart Chapter 2 Appendix A Examples of Conduct Standards That Can Apply to an Australian Estates Practitioner What Sectors of the Economy Engage My Client? Chapter 2 Appendix B Case Management Process For Private Wealth Advisory Engagements Chapter 2 Appendix C Estate Situation Brief Chapter 3 Appendix A Intestacy Problems Chapter 3 Appendix B Intestacy Rules in Each Jurisdiction Chapter 3 Appendix C Intestacy Distribution in New South Wales — Pt 4 of the Succession Act 2006 Chapter 3 Appendix D Intestacy Distribution in Northern Territory — Sections 66–74 of the Administration and Probate Act 1969 Chapter 3 Appendix E Intestacy Distribution in Queensland — Pt 3 of the Succession Act 1981 Chapter 3 Appendix F Intestacy Distribution in South Australia — Pt 3A of the Administration and Probate Act 1919 Chapter 3 Appendix G Intestacy Distribution in Tasmania — Intestacy Act 2010 Chapter 3 Appendix H Intestacy Distribution in Victoria — Sections 50–56 of the Administration and Probate Act 1958 Chapter 3 Appendix I Intestacy Distribution in Western Australia — Section 14 of the Administration Act 1903 Chapter 8 Appendix A Guidelines for Solicitors Preparing An Enduring Power of Attorney Chapter 8 Appendix B Guidelines for Assessing Competence for Granting an Enduring Power of Attorney Chapter 8 Appendix C Solicitors’ Rules — 12 — Conflict Concerning a Solicitor’s Own Interests Chapter 9 Appendix A Sample Client Queries and Initial Replies About General Estate Planning Issues A Moderately Complex Family Situation Chapter 9 Appendix B Estate Administration Document Update Documents Now Submitted for Approval Our Understanding of Your Objectives Our Approach to This Work The Extent of Your Estate Estate Management and Succession Principles Chapter 9 Appendix C Taxation Issues at Death Common Taxation Administration Issues Following Death ATO — Guidance for Deceased Estates Chapter 10 Appendix A What Work Does the Will Have to Do? FURTHER READING Index