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Estate Planning Day 2013

Published on 08 Feb 2013 | Took place at Hyatt Regency, Perth, WA

    As a result of Australia’s aging population, the market for good estate and succession planning advice has grown considerably in recent years and this growth is expected to continue in the years ahead. This seminar provided practitioners with an excellent opportunity to further refine their skills and learn about the current issues and recent developments in this area.
    Important issues covered included:
  • strategies to enhance benefits available from superannuation from an estate planning perspective
  • issues associated with acting as an Executor for clients
  • the impact of family law on succession planning
  • potential inheritance tax issues
  • challenges to wills

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Individual sessions

Estate planning and superannuation

Author(s):  Jemma SANDERSON

In the Mid-Year Economic and Fiscal Outlook in November 2012 a significant change was announced by the Treasurer with respect to pensions and tax in superannuation. This was in response to substantial lobbying by the industry to clarify certain areas of TR 2011/D3 and provide certainty to superannuation fund members. This is a welcome announcement from the Government, however further areas are yet to be confirmed that are important from an estate planning perspective within superannuation and need to be considered in detail.

This paper outlines the following:

  • what the MYEFO announcement actually means for your clients
  • the actuarial requirements within a fund upon the passing of a member
  • the interaction of the pension exemption and the treatment of taxation components in superannuation
  • strategies available to enhance benefits from an estate planning perspective.
Materials from this session:

UK inheritance tax

Author(s):  Colleen Handy

This paper explores inheritance tax issues for UK expats living in Australia and Australian citizens owning assets in the UK, including:

  • when is inheritance tax charged?
  • who is liable to pay inheritance tax?
  • limiting exposure to inheritance tax.
Materials from this session:

Challenges to wills

Author(s):  Sally BRUCE

This paper addresses the grounds on which a will may be challenged, including:

  • validity issues (such as lack of testamentary capacity, undue influence, informality of the testamentary instrument)
  • inheritance disputes (that is, claims under the Inheritance (Family and Dependants Provision) Act 1972 (WA) for proper and adequate provision from the estate of a deceased person).

Sally Bruce gives examples of common situations in which a will is challenged and provide some practical guidance about minimising the risk of a challenge. She also talks about the impending changes to the inheritance legislation which will, among other things, give a stepchild standing to sue the estate of a step-parent in certain circumstances.

Materials from this session:

Interaction between family law and succession law

Author(s):  Andrew DAVIES

This paper outlines the approach taken by the Family Court to determine matters between couples who have separated and how this impacts on a succession lawyer’s ability to offer advice. This includes:

  • family trust distributions and beneficiary entitlements
  • beneficiary loan accounts
  • competing priorities of spouses and other beneficiaries in the Family Court after death
  • the High Court case of Bamford delivered 16 November 2012
  • the impact of binding financial agreements on family provision claims.
Materials from this session:

Act as an executor? A service for clients or living the nightmare?

Author(s):  Craig MCKIE

This paper covers the types of claims an Executor may face or may need to manage, including:

  • claims against the will
  • Family Provision Act claims
  • claims of disposal of assets in lifetime
  • trustee of SMSF
  • family law claims
  • settlement of a dispute – taxation considerations.
Materials from this session: