An increasingly small proportion of wealthy individuals and families own an increasingly greater proportion of global wealth. How do the wealthiest in society maintain their wealth from generation to generation? How do estate planning and wealth management contribute to inequality? What policies and law reforms might bring about social justice in this area?
Estate planning is associated with passing property down generations using testamentary instruments such as wills. However, the wealthy and ‘well-advised’ also make use of inter vivos (lifetime) techniques to maintain their wealth in a manner that isn’t just tax efficient but protects wealth from creditors, profligate family members, and former spouses. You will learn the key legal structures and techniques involved in estate planning and wealth management that make this possible, in particular the use of trusts and trust-like instruments, both onshore and offshore. You will analyse the policy issues arising at the intersection of trusts and tax policy and the role of wealth managers in law reform. In introducing you to concepts of economic, social and cultural capital, this module develops your ability to understand and critically assess the role of law and the legal profession in the production and maintenance of inequality and debates about wealth inequality and social justice.
Note that the law of wills is explored in LAWS5450 The Law of Succession: Inheritance and Testamentary Freedom. Although that module is not a prerequisite for this module, your understanding of estate planning will be enhanced by taking that module in Stage 2.
Lectures - 16 hours, Seminars -16 hours, Independent Study 118 hours, Assessment Preparation 50 hours
Test. Assessment Details: Multiple choice questions (30 minutes) -worth 20% of the total marks for the module.
Extended writing. Assessment Details: Essay 2,500 words- worth 80% of the total marks for the module. This Assessment is Pass Compulsory.
Reassessment Method: Like-for-like
For reading lists see the detailed module information on moodle
On successfully completing the module, students will be able to:
1. Accurately identify and apply the techniques of estate planning, such as the law of gifts, wills, trusts and inheritance tax.
2. Explain and critically evaluate the role of estate planning techniques and wealth management from the perspective of wealth inequality and social justice.
3. Compare and contrast trust law and practice across international jurisdictions, including offshore jurisdictions.
4. Use scholarly legal and extra-legal materials to develop answers to questions on legal and policy issues in estate planning and wealth management.
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