Private Client Elective. Statement of Outcomes

Transcription

1 Private Client Elective Statement of Outcomes The learning outcomes for the elective will be met through a mix of podcasts and workshop sessions, the latter involving face-to-face tuition and group working. The workshops are designed for small groups of students up to 15 in number. The specified elements of the learning outcomes and the integration of the skills are as noted in the following Course Outline. In addition, the principal occasions when issues of professional conduct most particularly arise are also there noted. These matters are referred to below. The specific aspects of the subject, as taught, appear as the introductory wording to each element of the specified learning outcomes. The course is designed to equip students with a trainee or newly qualified solicitor s level of understanding of the principal issues that arise in practice. We commence the course with a consideration of the areas of work likely to be experienced in the Private Client department of a high street firm; we progress to consider each topic in depth, cross-referencing where appropriate. We will consider the drafting of forms of wills and settlements in common use for both high net worth and other clients. The course will focus upon tax planning for UK domiciled individuals and trusts and there will thus be more limited coverage and reference to non doms and offshore trusts. This focus is designed to meet the needs of our regional market. The podcasts are intended to provide students with a background explanation of core aspects of the law and procedure but will not repeat information available to the student from other sources, notably the issued text. The workshops will require students to research detailed aspects of the law and procedure and to apply those to given fact scenarios. Commonly, students will be required to draft documents and provide written advice (by means of letters and memos) and will need to consider the perspective of both lay client and executor/trustee roles. The skills of writing and drafting legal research and case analysis will be of pervasive application and embedded into the course. The skill of interviewing and advising will also feature. The course will require in particular use of I.T. skills (primarily to explore the Revenue & Customs website, and to find suitable drafting precedents for adaptation). The materials and tasks will be transactional in nature so far and is possible and students will be required to draft and analyse documents in common usage. Professional conduct issues will primarily arise in the following contexts: FSA requirements of solicitors with regard to investment activities, acting in the client s best interests and the relationship between client and attorney where there is a Lasting Power of Attorney in prospect or Enduring Power of Attorney in place.

2 The elective will build upon knowledge acquired through the Wills, Probate and Administration Course of the LPC, and will develop students understanding of tax planning. There are also a number of occasions when reference to other LPC subjects will be made, most notably in relation to property issues and drafting ( PLP) (business interests and Business Property Relief (BLP) and family issues and claims on the estate (Family elective). The course is designed for LPC students who have completed Stage 1 of the LPC, but in addition will be appropriate for other graduates and legal executives currently working in a law firm, notably paralegals wishing to develop specialist legal training in this subject area, newly qualified solicitors, and those returning to practice such as solicitors following maternity and other career- breaks. Whilst full supporting materials, to include an issued text, will be provided, students will be expected to refer to primary source material and to practitioner texts. Course Outcomes On completion of the course successful students will be able, under appropriate supervision, to: 1. demonstrate their knowledge and understanding and employ the applicable skills in the elective area of law and practice; 2. use the legal knowledge, skills, procedures and behaviours appropriate to each client and each transaction or matter; 3. identify the overall nature of the transaction, then plan and progress that transaction or matter through a series of steps and decisions including, where appropriate, drafting documentation ; 4. identify the client s goals and alternative means of achieving those goals and deal appropriately with client care; 5. investigate and identify the relevant facts, research and identify the relevant legal issues, and advise the client on the legal consequences; 6. recognise and act within the rules of professional conduct; 7. identify the client s reasonable expectations as to quality and timeliness of service. 8. reflect on their learning and identify learning needs. These outcomes will be embedded into the subject, primarily through the design of the sessions and work of preparation and activities during sessions. Our tasks set will be transactional in nature and will require students (either alone or as part of as team) to identify the client s goals, needs and demands, the alternatives open to the client and any constraints under which they operate. The

3 identification of the matter or transaction, as appropriate, will form part of the student s pattern of work and they will undertake for themselves the basic or key steps required to advance matters- sometimes as work of preparation and on other occasions during tutor controlled sessions. In so doing, understanding and skills will be demonstrated at each stage of the course prior to summative assessment. Our students are required to take responsibility for their researches and will frequently be called upon to offer practical advice (orally or in writing). Links with practitioners and local firms will enable us to maintain the currency and realism of tasks set and will assist us and students to ensure that students appreciate the importance of being adaptive and responsive to the needs and perspectives of clients in the SW and of delivering a high quality of service. The design of our sessions will also take into account the need for students to be able to recognise those occasions when their level of understanding is inadequate, and thus when there is need to seek guidance from a principal. In so doing, students will reflect on their individual stage of learning. By the end of the course successful students will be able, under appropriate supervision, to demonstrate their knowledge, understanding and skills in the following specific elements: Elements 1) Appreciating the scope of Private Client work and professional conduct requirements a) have an awareness of the nature and variety of private client work and the technical and professional qualities required; b) appreciate the practical significance of identifying the client and acting appropriately towards third parties; c) appreciate the need to ensure the client has capacity to instruct and the requirement to act in the client s best interests. 2) Financial planning and Estate planning a) understand the role of the FSA, and in outline the requirements for authorisation in order to give investment advice; b) have an awareness the investment products available and their suitability for particular clients; c) be able to advise a client on the insurance-based and other marketed tax and financial planning schemes available;

4 d) understand the need to balance factors other than mitigation of tax in deciding whether to proceed; e) appreciate the role of the SRA relative to solicitors (particularly in relation to issues of client care and costs). 3) Tax planning and gifts of the family home understand the need for careful advice where a client is considering a gift involving the family home. 4) Drafting wills and will trusts a) understand the requirements for an effective interview to obtain instructions which will form the basis of drafting a will appropriate to the client s needs; appreciate the need for making careful attendance notes and the appropriate steps where the client s capacity or understanding may later be challenged 5) Effective will drafting develop and apply learning previously acquired (wills, tax-planning) in relation to the drafting of a valid and effective will, and be able to apply this in context. 6) Drafting settlements a) be able to advise a client as to the effectiveness and tax treatment of making a lifetime settlement; a) be able to implement the client s instructions through the effective drafting of a lifetime settlement. 7) Post-death arrangements a) be able to advise on and draft deeds of variation and disclaimer to give effect to the client s instructions;

5 b) be able to advise on the implications of writing back for inheritance tax and or capital gains tax; 8) Trust administration a) understand and be able to advise on the practical implications of trustees powers and duties; b) appreciate the need to for incorporation of appropriate administrative provisions in the trust document. 9) The foreign element a) be able to advise on appropriate courses of action where a testator client has property abroad; b) appreciate the need to recognise cross-border issues and advise accordingly. 10) Skills and Professional Conduct. a) have developed their Legal Practice Course skills; b) be able to recognise when and in what ways rules of professional conduct impact on their practice; c) have reflected on their learning; d) have practised their use of primary source and practitioner materials.

6 Private Client Elective Course Outline 2009/2010 Podcasts 1-1 hour Introduction to Private Client General principles (Element : 1) 2 2 hours Financial planning; questions of capacity; Enduring/Lasting Powers of Attorney: The OPG and the Court of Protection (Element: 1) 3-2 hours Estate Planning; Revision of IHT and CGT (Tax) (Element 2) 4-1 hour Advising on lifetime gifts and gifts of the family home (Element 4) 5-1 hour Drafting trusts and will trusts (Elements: 5) 6-2 hours Will drafting (Element: 5) 7-1 hour Drafting settlements (Element: 6) 8-2 hours Post-death arrangements (Element: 7) 9-1 hour Trustees powers and duties; the foreign element (Elements 8, 9) Workshop Sessions (each of2 hours) 1. Case studies on capacity and LPAs (Element 1) 2. Estate planning; Revision of IHT and CGT through case studies (IT, legal research) (Elements 2, 3, 10) 3. Case studies on lifetime gifts (Element 4) 4. Taking instructions and interviewing (Interviewing skills) (Elements: 5, 10) 5. Case studies on will drafting (drafting skills). (Elements: 2, 4, 5, 10) 6. Case studies on drafting and advising on settlements (drafting and writing skills) (Elements: 5, 6, 10) 7. Case studies on post-death tax planning (Elements: 5,7) 8. Case studies on advising on trustees powers and duties and the foreign element (Element 8, 9) 10-1 hour Revision and preparing for the assessment Total 14 hours Podcasts 9. Preparing for the assessment. Total 18 hours workshops