[Name of client/s]

Estate Plan

[Name of client/s]

Cover Letter (NOT necessary for the final assessment)

Insert Cover letter explaining to the client that the estate plan has been prepared based on information collected during the situation review, and the advice provided by professionals.

Your Personal Information

Insert information about the client/s, their family, and their existing estate planning arrangements. Put a diagram of the family tree after this information.

Your personal profile Date of birth Current age Marital status Residential address Telephone Email address Employment status Dependent Current Age D.O.B.

Your health Current health Pre-existing medical conditions Member private health fund Smoker? Family history considerations? Insert your family tree here

Your financial position

Insert information about assets owned in their own name, as joint tenants, tenants in common, relevant insurance and any superannuation. You can present this information in tables. Specify how these assets will be dealt with based on current ownership structures.

Financial Assets Non-Super Owner Value

e.g. bank accounts, shares, rental property, managed funds etc. Sub Total Financial Assets Super Owner Value

Provide details of any superannuation fund(s) held Sub Total Assets Total Liabilities Owner Value

Provide details of any liabilities Liabilities Total Net Worth (assets liabilities) (INSERT FIGURE HERE)

Income Partner A Partner B

Income source (NOTE: show calculations for super and tax deductions from gross salary to show net income inc medicare but no other levies) Total Expenses Insert details e.g. living expenses can combine as a family if preferred rather than individual expenses Total Business Information Business assets Business liabilities Business income Total Estimated Cash Surplus/Deficit (INSERT FIGURE HERE)

INSURANCE

Owner Insurance Type Provider Benefit Amount Waiting Period Benefit Period Premiums

e.g. clients name / super fund e.g. income protection N/A Personal Representatives

Insert information from the clients case scenario on any representatives they currently have eg. Executors, Enduring Powers of Attorney. Include any information about the clients wishes for personal representatives here.

Your concerns and Requirements

Insert information from the clients case scenario on their concerns and requirements they have communicated to you.

Our concerns and Requirements

Insert your concerns/requirements you have identified from analysing the clients information. Include your assumptions about other required information relevant to the discussion.

Estate Planning Recommendations

Detail each recommendation, including the basis for providing that recommendation. In other words, why did you make that recommendation? Think of these as the solutions designed to meet the clients estate planning goals.

No need to go into disadvantages of recommendations, that would be covered in the advice, recommendations and why (advantages, calculations)

Provisions in the Will also include distribution of assets and think of alternative distribution that could address your concerns re tax consequences for example.

Remember detailed recommendations from the financial planner, accountant, lawyer and other relevant professional advisers (i.e. their specific advice previously provided to the client) can be included here. You can think of these recommendations as the solutions designed to meet the clients estate planning goals.

Clearly identify which professional adviser is responsible for making the recommendation. There are good legal reasons for this the adviser can only advise within the scope of their profession.

With each adviser have a heading Lawyer (refer attached advice) Accountant (refer attached advice) Financial Adviser (refer attached advice) etc., and then describe under the heading the recommendation(s) that the adviser is responsible for.

Make sure to use headings and sub-headings for the relevant estate planning arrangements for readability.

Next Steps for Implementation

Detail what needs to be done, by whom, to implement the estate plan recommendations.

Appendices

Labelled A, B, C etc with headings. Include any further assumptions. Provide evidence to support recommendations (e.g. flowcharts, diagrams, tax calculations, asset distributions etc.). The Appendices should be on separate pages

Marking Rubric: Estate Plan (with PLO5 Develop and apply interdisciplinary perspectives to contemporary business practices) Skill Assessed 85-100% 75-84% 65-74% 50-64% <50% Mark

Personal information relevant to the interdisciplinary perspective (10%)

Comprehensive and appropriate personal information is provided relevant to the interdisciplinary perspective. Any further information or assumptions are consistent with the case scenario. Appropriate personal information is provided relevant to the interdisciplinary perspective. Any further information or assumptions are consistent with the case scenario. Personal information is provided relevant to the interdisciplinary perspective. Any further information or assumptions are consistent with the case scenario. Limited personal information is provided relevant to the interdisciplinary perspective. Personal information is not complete relevant to the interdisciplinary perspective. Financial Position relevant to the interdisciplinary perspective (15%)

Relevant to the interdisciplinary perspective a comprehensive and detailed information is provided on financial assets. Ownership structures and outcomes are clearly explained, demonstrating expert understanding of estate planning for assets. Relevant to the interdisciplinary perspective appropriate information is provided on financial assets. Ownership structures are clearly explained, demonstrating advanced understanding of estate planning for assets. Relevant to the interdisciplinary perspective appropriate information is provided. Ownership structures are clearly explained that demonstrate knowledge of estate planning for assets. Relevant to the interdisciplinary perspective information, including ownership structures is provided, but not well explained, or the information does not demonstrate sufficient knowledge of estate planning. Relevant to the interdisciplinary perspective information about the clients financial position is not provided, or explanations contain errors. Identify the relevant issues, concerns and requirements from the relevant interdisciplinary perspective (15%)

Concerns and requirements are clearly and completely outlined, consistent with the case scenario considering the relevant interdisciplinary perspective. Further assumptions are detailed and relevant to the scenario. Concerns and requirements are completely outlined, consistent with the case scenario considering the relevant interdisciplinary perspective. Further assumptions are detailed and relevant to the scenario. Concerns and requirements are outlined in detail, consistent with the case scenario considering the relevant interdisciplinary perspective. Further assumptions are relevant to the scenario. Concerns and requirements are outlined considering the relevant interdisciplinary perspective. Further assumptions are relevant to the scenario. Concerns and requirements are not outlined and/or are not consistent with the case scenario considering the relevant interdisciplinary perspective. Recommendations (30%)

Apply knowledge from multiple disciplines to provide detailed recommendations that will enable the client to achieve their estate planning goals. Recommendations cover all relevant aspects of estate planning. Recommendations are clearly stated and demonstrate an expert application of estate planning (including the applying knowledge from multiple disciplines). Next steps are clearly and accurately detailed. Recommendations cover all relevant aspects of estate planning. Recommendations are clearly stated and demonstrate advanced application of estate planning (including the applying knowledge from multiple disciplines). Next steps are clearly and accurately detailed. Recommendations cover most aspects of estate planning. Recommendations are clearly stated and demonstrate understanding of estate planning (including the applying knowledge from multiple disciplines). Next steps detailed. Recommendations are clearly stated and demonstrate some understanding of estate planning(including the applying knowledge from multiple disciplines). Next steps are outlined. Recommendations are unclear or incomplete and/or recommendations are inappropriate and contain errors (including the applying knowledge from multiple disciplines).

Basis for Recommendations (15%)

Evaluate and explain the basis for your recommendations with evidence (from different discipline perspectives), which may include examples and calculations (i.e. why are you making the recommendations?) Recommendations are supported by detailed and accurate evidence including but not limited to demonstration of tax effectiveness (from different discipline perspectives). Recommendations are supported by accurate evidence (from different discipline perspectives), including but not limited to demonstration of tax effectiveness. Some recommendations are supported by accurate evidence (from different discipline perspectives). Tax effectiveness, amongst other evidence, is considered. Limited evidence provided to support recommendations (from different discipline perspectives). Evidence is incomplete or inaccurate (from different discipline perspectives). Written Communication - Organisation (10%):

Organisation of the Estate Plan (from different discipline perspectives)

Estate Plan is coherently organised (from different discipline perspectives) and the logic/ideas/arguments are easy to follow; writing is clear, concise and persuasive for the client. Estate Plan is generally well organised (from different discipline perspectives) and most logic/ideas/arguments are easy to follow; writing is mostly clear and generally easy to follow for the client. Organisation is present (from different discipline perspectives); there may be some inconsistencies with organisation and structure of logic/ideas/arguments, but generally easy to follow; estate plan is mostly clear but parts may lack conciseness. There is some organisation present (from different discipline perspectives) but the logic/ideas/arguments lack clarity and/or conciseness. There is little or no attempt at organisation (from different discipline perspectives). Organisation is confusing to the client; rambles, lacks proper paragraph construction. Written communication Presentation (5%):

Presentation of the estate plan (from different discipline perspectives) Estate plan has virtually no grammar, spelling and/or formatting errors (from different discipline perspectives). Estate Plan has minimal grammar, spelling and/or formatting errors (from different discipline perspectives). Estate Plan has some grammar, spelling and/or formatting errors (from different discipline perspectives). Estate Plan has many grammar, spelling and/or formatting errors (from different discipline perspectives). Little or no evidence of editing and revising (from different discipline perspectives). Total

Marking Rubric: Estate Plan (with PLO5 Develop and apply interdisciplinary perspectives to contemporary business practices) Skill Assessed 85-100% 75-84% 65-74% 50-64% <50% Mark

Personal information relevant to the interdisciplinary perspective (10%)

Comprehensive and appropriate personal information is provided relevant to the interdisciplinary perspective. Any further information or assumptions are consistent with the case scenario. Appropriate personal information is provided relevant to the interdisciplinary perspective. Any further information or assumptions are consistent with the case scenario. Personal information is provided relevant to the interdisciplinary perspective. Any further information or assumptions are consistent with the case scenario. Limited personal information is provided relevant to the interdisciplinary perspective. Personal information is not complete relevant to the interdisciplinary perspective. Financial Position relevant to the interdisciplinary perspective (15%)

Relevant to the interdisciplinary perspective a comprehensive and detailed information is provided on financial assets. Ownership structures and outcomes are clearly explained, demonstrating expert understanding of estate planning for assets. Relevant to the interdisciplinary perspective appropriate information is provided on financial assets. Ownership structures are clearly explained, demonstrating advanced understanding of estate planning for assets. Relevant to the interdisciplinary perspective appropriate information is provided. Ownership structures are clearly explained that demonstrate knowledge of estate planning for assets. Relevant to the interdisciplinary perspective information, including ownership structures is provided, but not well explained, or the information does not demonstrate sufficient knowledge of estate planning. Relevant to the interdisciplinary perspective information about the clients financial position is not provided, or explanations contain errors. Identify the relevant issues, concerns and requirements from the relevant interdisciplinary perspective (15%)

Concerns and requirements are clearly and completely outlined, consistent with the case scenario considering the relevant interdisciplinary perspective. Further assumptions are detailed and relevant to the scenario. Concerns and requirements are completely outlined, consistent with the case scenario considering the relevant interdisciplinary perspective. Further assumptions are detailed and relevant to the scenario. Concerns and requirements are outlined in detail, consistent with the case scenario considering the relevant interdisciplinary perspective. Further assumptions are relevant to the scenario. Concerns and requirements are outlined considering the relevant interdisciplinary perspective. Further assumptions are relevant to the scenario. Concerns and requirements are not outlined and/or are not consistent with the case scenario considering the relevant interdisciplinary perspective. Recommendations (30%)

Apply knowledge from multiple disciplines to provide detailed recommendations that will enable the client to achieve their estate planning goals. Recommendations cover all relevant aspects of estate planning. Recommendations are clearly stated and demonstrate an expert application of estate planning (including the applying knowledge from multiple disciplines). Next steps are clearly and accurately detailed. Recommendations cover all relevant aspects of estate planning. Recommendations are clearly stated and demonstrate advanced application of estate planning (including the applying knowledge from multiple disciplines). Next steps are clearly and accurately detailed. Recommendations cover most aspects of estate planning. Recommendations are clearly stated and demonstrate understanding of estate planning (including the applying knowledge from multiple disciplines). Next steps detailed. Recommendations are clearly stated and demonstrate some understanding of estate planning(including the applying knowledge from multiple disciplines). Next steps are outlined. Recommendations are unclear or incomplete and/or recommendations are inappropriate and contain errors (including the applying knowledge from multiple disciplines).

Basis for Recommendations (15%)

Evaluate and explain the basis for your recommendations with evidence (from different discipline perspectives), which may include examples and calculations (i.e. why are you making the recommendations?) Recommendations are supported by detailed and accurate evidence including but not limited to demonstration of tax effectiveness (from different discipline perspectives). Recommendations are supported by accurate evidence (from different discipline perspectives), including but not limited to demonstration of tax effectiveness. Some recommendations are supported by accurate evidence (from different discipline perspectives). Tax effectiveness, amongst other evidence, is considered. Limited evidence provided to support recommendations (from different discipline perspectives). Evidence is incomplete or inaccurate (from different discipline perspectives). Written Communication - Organisation (10%):

Organisation of the Estate Plan (from different discipline perspectives)

Estate Plan is coherently organised (from different discipline perspectives) and the logic/ideas/arguments are easy to follow; writing is clear, concise and persuasive for the client. Estate Plan is generally well organised (from different discipline perspectives) and most logic/ideas/arguments are easy to follow; writing is mostly clear and generally easy to follow for the client. Organisation is present (from different discipline perspectives); there may be some inconsistencies with organisation and structure of logic/ideas/arguments, but generally easy to follow; estate plan is mostly clear but parts may lack conciseness. There is some organisation present (from different discipline perspectives) but the logic/ideas/arguments lack clarity and/or conciseness. There is little or no attempt at organisation (from different discipline perspectives). Organisation is confusing to the client; rambles, lacks proper paragraph construction. Written communication Presentation (5%):

Presentation of the estate plan (from different discipline perspectives) Estate plan has virtually no grammar, spelling and/or formatting errors (from different discipline perspectives). Estate Plan has minimal grammar, spelling and/or formatting errors (from different discipline perspectives). Estate Plan has some grammar, spelling and/or formatting errors (from different discipline perspectives). Estate Plan has many grammar, spelling and/or formatting errors (from different discipline perspectives). Little or no evidence of editing and revising (from different discipline perspectives). Total

ASSESSMENT INSTRUCTIONS

Background

The estate plan is the end product of a collaboration involving the financial planner (you), lawyer and tax accountant. You have facilitated the collaboration, which has included joint meetings with the clients, the preparation of an estate plan which draws on each professional advisers scope of expertise, as well as joint approval by the advisers for the release of the estate plan to the clients. As the estate plan represents the estate planning strategy (Step Four of the Estate Planning Process), the estate plan includes the advice (or recommendations) of the financial planner, accountant and lawyer. The next step in the process is for the clients to read and provide instructions to implement the estate plan (Step Five).

Estate Plan Requirements

In this assessment, you are required to present the finalised estate plan using the template provided. In particular, you are required to do the following:

The clients personal situation, including a family tree;

The clients financial situation, including the current asset ownership of these assets and how these are owned, any liabilities, and display their net worth position;

The clients estate planning concerns and requirements;

Detailed recommendations from the financial planner, accountant and lawyer (i.e. their specific advice) that will enable the clients to achieve their estate planning goals.

Include any further assumptions in order to complete the estate plan (and provide detail if necessary in the appendix).

Remember, you ONLY make an assumption if there is a clear gap in the facts provided to you, and the assumption is necessary to complete the estate plan. The assumption must be made explicit to the reader and address what further information is required to attain the facts (i.e. fill the gap)

Word Count

The word limit should be no more than 3,000 words, excluding tables and appendices. Markers stop reading the estate plan after 3000 words.

Documentation Layout

Font: Arial or Calibri 12 pt for text and 14 pt for headings

Line spacing: 1.5

Margin: Normal, 2.54cm (left and right)

You are not required to prepare a table of contents or an executive summary.

Appendices

Supporting evidence must be included in the appendix and presented professionally.

Criteria & Marking

Please refer to the assessment criteria for a detailed description of the criteria, the performance standards, as well as weighting for each criteria. The criteria will be discussed in workshops.

Due Date

See Learning@Griffith for due date and time.

Deferred Assessment and Assessment Extensions

This assessment item is an assignment, and as such, there is no deferred assessment option.

Any applications for an extension must be submitted prior to the due date according to university policy (refer https://www.griffith.edu.au/students/assessment-exams-grades/information-sheets-and-resources/assignment-extensions)

Any extensions granted under policy by the convenor will be for a short period of time to ensure academic integrity and student equity.