79026 Estate Planning (UG)

Warning: The information on this page is indicative. The subject outline for a particular session, location and mode of offering is the authoritative source of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.

Subject handbook information prior to 2017 is available in the Archives.

UTS: Law
Credit points: 6 cp
Result type: Grade and marks

There are course requisites for this subject. See access conditions.

Description

This subject introduces students to the Australian estate planning regime, providing an understanding of the requirements of the regime and the impact of those requirements and opportunities on the financial planning process. The subject takes both a theoretical and practical approach to the area of estate planning.

Subject learning objectives (SLOs)

1.	understand key practice approach and procedural principles of completing estate planning engagements;
2.	understand the key legal principles underpinning estate planning;
3.	apply these legal principles to client situations and prepare simple advices;
4.	understand the function of estate planning as a crossdisciplinary multi disciplinary service.

Course intended learning outcomes (CILOs)

This subject also contributes specifically to the development of the following graduate attributes:

• Legal Knowledge
  A coherent understanding of fundamental areas of legal knowledge including the Australian legal system, social justice, cultural and international contexts and the principles and values of ethical practice. (1.0)
• Critical Analysis and Evaluation
  A capacity to think critically, strategically and creatively including an ability to identify and articulate legal issues, apply reasoning and research, engage in critical analysis and make reasoned choices. (3.0)
• Communication and Collaboration
  Effective and appropriate communication skills including highly effective use of the English language, an ability to inform, analyse, report and persuade using an appropriate medium and message and an ability to respond appropriately. (5.0)

Teaching and learning strategies

Subject Delivery
The subject is delivered in the form of 3 hour lectures, which include class participation. Tutorial style questions are incorporated in the lectures and students are expected to participate in these discussions.
Lecture Recording Information
Audio or visual recording of classes for this subject is strictly prohibited unless written approval is sought and given in advance by the Subject Coordinator. Approval for audio or visual recording will usually be limited to medical or hardship reasons, and if approved, must be arranged by the student. Students may only use the audio or visual recording for private study purposes and (to avoid any legal action) permission must be obtained from the Subject Coordinator for any other usage. Given the inter-active nature of classes, any student who does not wish to be audio-taped must advise the Subject Coordinator in advance otherwise permission from students is assumed.

Content (topics)

The subject covers the topic areas set out below. Some topics will span more than one lecture.

1. INTRODUCTION TO ESTATE PLANNING
   • Estate Planning is a Strategic Advisory Engagement
   • The Estate Review
   • Estate Management
   • Estate Succession
2. MANAGEMENT AND OPERATIONS
   • Managing Estate Engagements
   • Operating an Estates Practice
3. WILLS PROBATE & SUCCESSION
   • The law of Wills
   • The law of Intestacy
   • Administration of Estates
4. TAXATION OF ESTATES
   • Tax obligations of Executors
   • Tax rates for deceased estates
   • Capital Gains Tax and deceased Estates
   • Testamentary Discretionary Trusts
   • Taxation of Superannuation Benefits
   • Superannuation Death Benefits
5. PROPERTY EQUITY & TRUSTS
   • Introduction to the law of property
   • The law of equity and its importance in taxation
   • Introduction to trusts and their role in estate planning
6. CONTRACTS
   • Introduction
   • Sources of this Law
   • Impacts on Estate Administration
7. RESPONDING TO FAMILY BREAKDOWN
   • Family breakdown before death
   • Family breakdown after death
8. RESPONDING TO CHANGES IN CAPACITY AND COGNITION
   • Planning for declining capacity and deteriorating health
   • Powers of Attorney
   • Enduring Guardianship
   • Testamentary Capacity and Undue Influence
9. ESTATE PLANNING IN ACTION
   • Delivering estate Planning
   • Key Estate Planning Tasks
   • Key Estate Management Issues
   • Estate Solution Samples
   • Documenting Recommendations
10. ESTATE SERVICES AND THE PROFESSIONS
    • The client’s world
    • Engaging Professional Advisors
    • Managing Risk for Professionals in Client Engagements
    • Managing the Client/Advisor Relationship
    • Recognizing the Cause of the Client
    • Establishing Multidisciplinary Collaboration
    • Moving from Estate Planning to Administration

Assessment

Assessment task 1: Research Assignment 1

Objective(s):	This task addresses the following subject learning objectives: 1, 2, 3 and 4 This task contributes specifically to the development of the following graduate attributes: 1.0, 3.0 and 5.0
Weight:	30%
Length:	1,500 words max
Criteria:	Required to be original individual work. Please complete a separate header sheet for each question. Please ensure all sources and quotations are appropriately referenced. Students should clearly identify each question at the beginning of their answer, and should commence each question on a new page Students are expected to research the topics covered by each question and read beyond the text. Some extension materials are provided on UTS Online to assist student research.

Assessment task 2: Research Assignment 2

Objective(s):	This task addresses the following subject learning objectives: 1, 2, 3 and 4 This task contributes specifically to the development of the following graduate attributes: 1.0, 3.0 and 5.0
Weight:	30%
Length:	1,500 words limit
Criteria:	Required to be original individual work. Students should read the case study scenario to be provided by your lecturers. The circumstances of the client's family are set out in that case study Students are to prepare an Estate Planning advice for the client's as required in the case study. The case study sets out the facts relating to each of the family members, and lists a number of concerns that each may have. Students are expected to discuss those concerns in their assignment and indicate what advice they would give the clients relating to those concerns.

Assessment task 3: Faculty based Exam

Objective(s):	This task addresses the following subject learning objectives: 1, 2, 3 and 4 This task contributes specifically to the development of the following graduate attributes: 1.0 and 3.0
Weight:	40%
Length:	2 hours
Criteria:	Required to be original individual work and to demonstrate achievement of the Course Objectives as set out above.

Required texts

Estate Planning (4th edition) Perkins M & Monahan R, Lexis Nexis

Additional study support material will be put on UTSOnline.

Lecture Slides to assist in note taking are also provided on UTSOnline

Other resources

Students will find a wide range of reading materials and overheads on UTSOnline. Many of these materials will be made available as the course progresses. It is important that you login to UTSOnline and check for new materials and announcements on a regular basis.