FPC005 - Estate and Succession Planning

Assignment Task

Assignment Details

• This assignment covers Topics 2 to 5 and accounts for 35% of your final grade.
• There is one (1) case study with four related questionsin this assignment. You should answer all aspects of the case study.
• Marks will be awarded for referencing and presentation.
• Your overall mark for this assignment will be rounded to the nearest whole number.
• Refer to the Criteria-Based Marking Guide for guidelines on what is expected for each question.
• Full workings must be shown for all calculations. Show all calculations in the text of your assignment and not attached as an appendix. Appendices to the assignment will not be read.
• Indicative weightings are noted beside each question. Use these weightings to assist you with your allocation of time and resources. The weightings indicate the relative importance of each question.
•  State all assumptions used in providing your answer

Case study

A new client, Christine Jones, has come to see you on referral from her solicitor. She is concerned that her marriage is in trouble and is seeing the solicitor to understand her legal position and options should she decide to separate and divorce her husband, Norman. In the meantime, she is worried about what would happen to her young son if she were to die or become incapacitated. She has come to you to get a clearer picture of her financial position and how it impacts on her estate plans.

Question 1 

Based on the information in the case study above, what are the key risks to the achievement of Christine’s objectives if she were to die. In your answer, consider the following:

(a) Refer to the fact-find’s list of ‘personal assets’ and Christine’s superannuation information. Explain which assets would or would not form part of Christine’s estate (use the table format provided below, adding more rows as required)? Provide a brief comment on the reason. 

(b) What would be the consequence of her will being found to be valid or invalid and implications for managing her estate? 

(c) Who are potential claimants on her superannuation fund, and the tax status of any lump sum benefits that could be paid to them from the fund?

Question 2 

Explain to Christine the purpose of an enduring power of attorney. Provide three (3) risks she faces without one.

Question 3 

Norman’s comments about ‘slowing down’ and buying the ski chalet being on his ‘bucket list’ have prompted Christine to ask you what impact Norman’s death would have on her. In your answer consider the following:

(a) Based on the fact-find, determine and justify which of Norman’s personal, trust and business assets and liabilities are or are not likely to be inherited by Christine (use the table format provided below, adding more rows as required).

(b) What is the validity of Norman’s will, implications for control and potential claims on his estate?

Question 4

Based on your analysis of Christine’s circumstances, provide your recommendations on how she can achieve her estate objectives and explain how they will put her in a better position. In your answer, consider:

(a) Implementing appropriate estate planning documentation 

(b) Changes to assets and ownership 

(c) The role of insurance and superannuation 

• Recommendations are not required to be in the form of a statement of advice.
• Dollar amounts are not required to be provided for recommended strategies, e.g. if recommending a type of insurance, the sum insured is not required.
• You are not expected to provide legal advice.
• You are not expected to provide detailed solutions that would be beyond the scope of her financial planning authorisation.

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