Exercising Power of Attorney: What Accountants and Financial Planners Need to Know
Issues covered include: exercising power of attorney, risk, dementia, principles, key issues
Description
With great power comes great responsibility, and none more so than with a Power of Attorney.
Understand the various duties of attorneys (and administrators), the key principles of the legislation in each state and how they differ, and the key issues to be flagged for your client.
Exercising Power of Attorney: What Accountants and Financial Planners Need to Know
The demographic of the Australian population is changing - life span is increasing, and with it there is an increase in the proportion of the population called ‘aged’. Our aged population also hold the majority of the wealth in Australia, with some estimates identifying that Australian households aged over 55 own a combined $2.8 trillion. This translates into baby boomers and above alone holding 53% of our nation’s wealth.
While age is not the only risk factor associated with loss of capacity, aged people have higher incidence of lost cognition, typically as a result of dementia. It is estimated that by 2056 the number of people in Australia living with dementia will be approximately 1.1 million.
These demographic features drive the ever growing need for members of our aging population to have an attorney to assist them to manage their affairs as their capacity to do so diminishes.
This interactive session will address the issues facing advisers when dealing with Powers of Attorney.
Presented by Christine Smyth, Partner, Robbins Watson Solicitors
Chairperson: Renee Gamble, Director, BIS Cosgrove
This webinar will be streamed at AEDT
Presenters
Christine Smyth was the immediate past president of the Queensland Law Society in 2018, having served as its President in 2017 and Deputy President in 2016. Christine is a QLS Accredited Specialist (Succession Law), one of a handful of the thirteen thousand Queensland Solicitors to achieve this status, and Consultant at Robbins Watson Solicitors, a highly respected Gold Coast law firm.
In addition to her role within the QLS Council, Christine's leadership contributions include membership of STEP Worldwide and the STEP Mental Capacity Global Special Interest Group. Christine’s ongoing commitment to excellence in client service and technical skill, has seen her recognized by clients and peers – with the prestigious Doyle’s Guide awarding her Leading Wills and Estate Litigation Lawyer and Queensland's Leading Wills, Estates and Succession Planning Lawyer awards in 2015, 2016, 2017 and 2018.
Christine has extensive board experience, and sits on the following QLS Committees: Succession Law, Proctor and Symposium planning; QLS Specialist Accreditation Board. Christine’s other leadership contributions includes prior membership of the QLS Executive Committee, Executive Management Committee, Audit and Investment Committee. Christine was also the inaugural chair of the QLS Council Corporate Governance committee. In addition to her positions with QLS Council, she has experience on the Lexon Insurance Board and as Director of the Law Council of Australia in 2017. In 2019 Christine was appointed to the Law Council of Australia Legal Practice Section Executive.
Christine’s other leadership positions include prior roles with STEP Queensland committee and General Editor for Lexis Nexis’ Retirement and Estate Planning Bulletin.
A highly regarded succession law expert, Christine is widely published, having a regular succession law column in the QLS membership magazine Proctor, various publications in STEP worldwide Journal, and the Tax Institute of Australia’s journal. In October 2017, Christine was awarded the Creating Change Award by Women in Business Awards of Australia. In November 2016, Christine was one of only five people appointed to the Queensland State Governm ent’s Better Regulation Task Force with a view to giving back to the community.
Christine is one of only three supreme court appointed deceased estate administration account assessors in Queensland. Court rules proscribe a formal process where the manner in which an estate trust is administered can be considered in a structured way, where there are concerns about the management of a deceased estate. The Estate Account Administration process is quasi-judicial, with the Estate Account Assessor having powers akin to a Registrar including the power to determine the process.
With a legal career spanning over 25 years, Christine is a passionate advocate for solicitors (with a focus on their welfare), a long-standing mentor, utiliser of technology and flexible work practices – all while honouring tradition and experience to achieve ethically grounded business viability.
Accreditation
Attend and Earn 1 CPD Hour
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