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Taking Notes

Lawyers - Frequently asked questions ( FAQs)

  • What is Inherit Australia, and what is its function ?
    Inherit Australia is a fresh and unique online solution to enable financial planners and accountants to facilitate estate planning conversations with their clients. Using an AI legal bot that replicates the line of questioning of an estate planning lawyer, inherit allows advisers to complete the data collection and testamentary wishes process of a client without providing any legal advice. The Inherit platform is designed to assist advisers in identifying their estate and non-estate assets. The process is designed to assist the financial planner or accountant as the lead advisor of a client's wealth management and to generate a revenue stream for their business, but not without the assistance of a lawyer. Lawyers hand over the lower value role of data collections to advisers and retain their role as a legal console to clients and advisers.
  • Is inherit competing with the services of a lawyer and taking away lawyers' work in providing estate planning advice?
    Inherit Australia mission is growing and optimising the etate planning marketplace. We believe estate lawyers should outsource information gathering, note-taking, and testamentary wishes conversations to advisers while retaining the high-end legal advice and document drafting activities. This structure generates qualified leads to lawyers with complete estate plan instructions. It reduces lead generation overhead and retains lawyers' position as the lead legal counsel. Our system generates benefits for all participants. Clients receive a streamlined service from an adviser they know and trust, advisers strengthen their position and reuse existing information, and lawyers gain access to a new audience and concentrate on high-value legal tasks. No. The inherit process and system is designed to deliver efficiencies to both a financial adviser and a lawyer. From a lawyer's perspective, gathering information about a client's assets and how they are held as well as their testamentary wishes is a low-value activity compared to the advice the lawyer usually provides around the information gathered and the drafting of documents to reflect the clients testamentary goals and objectives. While a lawyer may charge for this time inherit believes that a lawyer's time is more valuable and better spent in focusing their skills on providing legal advice and drafting legal documents such as, for example, Wills, powers of attorney, death benefit nominations and trust deed amendments. Inherit believes that it is more efficient for an adviser who knows the clients affairs, their families and, most likely their testamentary intentions to facilitate discussions with their clients about their estate planning. Inherit's AI legal bot that gathers the relevant information is careful to ensure that information gathered is qualitative and quantitative data that is not in the nature of providing legal advice. Inherit believes that it is more time and cost-efficient for the adviser to charge for the time in obtaining this information than for the lawyer, particularly when it is mostly in their knowledge or possession.
  • You have invited me to be on the inherit panel of lawyers. How do I benefit from this?
    70% of Australians dont have estate plan or have an our of date plan. Inherit Australia gain access to this untapped market share using a network of trusted advisers. Each client or "matter "managed through our system requires a lawyer to provide legal advice and sign off documents. It means you gain access to and exposure to advisers and their clients wishing to receive estate planning solutions. Inherit Australia legal bot used by advisers generated a complete legal brief for lawyers. The depth and line of questioning are based on over 30 years of estate planning experience, ensuring an accurate scope of work and a defined process for lawyers. Further, Inherit Document automation component generates draft key documents based on client entry for your review, which means even more efficiency for lawyers. Inherit Australia's goal is to be Australia's premium online estate planning facilitation solution for financial advisers and accountants. While the inherit system facilitates advisers having estate planning conversations with their clients, each client or "matter "managed through the inherit system will require a lawyer to give advice and sign off documents. This enables an inherit panel lawyer to gain exposure to more advisers and their clients wishing to receive estate planning solutions that will need the advice of a lawyer. This is particularly useful to lawyers whose business focus is in the area of Wills and estate planning. Building relationships with advisers also provide to the lawyer the opportunity to provide allied legal services that do not compete with the inherit offering.
  • How many lawyers will be on the inherit panel?
    Inherit Australira maintains a heatly marketplace for clients advisers, and estate lawyers. We will add panel lawyers to supply the demand for advisers and create a marketplace environment of choice. Lawyers chosen will be specialists in their field of expertise and from different jurisdiction. The number of lawyers will reflect the number of advisers registered on the inherit system and the volume of work being produced that requires legal services. Inherit's goal is to make the volume of work and the ability to provide estate planning work through the inherit system attractive to lawyers on the panel.
  • Is there a cost to being an inherit panel lawyer ?
    There is no cost for you to be added to the inherit panel. However, that may change in the future.' We will however provide preferential treatment to founding panel lawyers who support inherit and the inherit community of advisers.
  • Are there other commitments expected of me if I participate in being on the inherit panel of lawyers ?
    There are no formal commitments expected of lawyers other than to support inherit where possible, particularly with advisers that they work with as a means of developing their work from referral sources. To enhance the benefits provided to advisers who use Inherit , and your own profile, we will encourage you to provide educational content on articles of relevance or interest to better inform advisers about navigating difficult estate planning scenarios.
  • As a panel lawyer, how am I engaged and who is my client?
    Financial planners and other advisers who use inherit will personally engage a panel lawyer directly on behalf of their client. The Inherit fee and lawyer’s fee is collected by inherit from the adviser once a lawyer is engaged and their fee quote accepted.
  • If I am engaged through the inherit system, how do I get paid ?
    One of the features and benefits of the Inherit system, as far as lawyers are concerned, is that inherit will collect from either the client or the adviser the lawyer's fee. This means that you will automatically get paid directly into your nominated bank account once documents are approved for sign off by the adviser or the client unless you have been asked to witness the documents, then after the witnessing of documents.
  • If I am engaged through the inherit system, what documents or information is provided to me as part of my instructions or engagement?
    Inherit Australia legal bot used by advisers generated a complete legal brief for lawyers. The depth and line of questioning are based on over 30 years of estate planning experience, ensuring an accurate scope of work and a defined process for lawyers. We will provide you with a signed off client entry data and the estae issues report at the scoping phase. Client data entry includes the following information: 'Details on family members, previous and estranged relationships, family conflicts etc. income and assets that are personal to the client and their relevant company or trust structures Debts and liabilities, and testamentary wishes in terms of executors, primary and secondary beneficiaries etc. The information gathered is then signed off by the client as confirmation of the completeness and accuracy of the information and their testamentary wishes. For privacy purposes, information can be provided in a redacted or non-redacted format as far as client details are concerned. The issues report is designed to identify areas where legal advice is required. Its purpose is to help clients focus on issues identified either in the client's family, their existing legal documents or their circumstances generally where specific legal advice is required. {Click here for Estate Issues report example} The issues report and the client sign off of information gathered is designed to assist the lawyer in scoping the work required and to provide a more accurate fee estimate. Once advisers have accepted your quote, you will gain access to Inherit Australia document automation component. At this phase, the platform generates the following draft documents based on client entry: Basic Will Testamentary trust Will Enduring power of attorney Medical power of attorney Documents are styled with your business logo and branding. You are only required to review documents and submit a final copy back to the platform.
  • What am I paid, and how is it calculated?
    Inherit Australia managed and charge adviser for all lawyer and platform fees. Platform fees are deducted from the total charge, and the balance is deposited at your nominated account upon documents acceptance by an adviser. The set document platform fee is 30%, and additional legal work quoted thought the platform charged 15% We encourage panel lawyers to use our set pricing model. However, we recognise that every client's estate plan is unique. It may require meetings between the lawyer and the adviser/client to discuss, for example, possible family provision claims, issues relating to vulnerable beneficiaries, control mechanisms in any trusts and superannuation death benefit options. For this reason, the lawyer can vary the set fee after reviewing the information provided in order to scope the work required for the particular client. Further, the adviser may require and nominate, as part of your engagement , that the client to meet with you either witness documents or provide further advice. The lawyer submits the fee quote variation that the adviser can accept or reject.
  • How is other information and documents provided to me ?
    Inherit's AI legal bot will prompt the adviser to upload documents relevant to the client's estate plan identified from the interview process. These documents are uploaded into a "deeds register" that is shared with the lawyer at the time that the issues report and client sign off report is submitted to the lawyer for a fee quote. This enables the lawyer to conduct a cursory review of documents that may need to be reviewed in more detail relevant to the client's estate plan or amended. These documents include: existing Wills or powers of attorney an existing death benefit nomination super fund deed and any amendments family trust deed and deeds of Amendment company constitution and partnership agreements shareholder or unit holders Agreement entity financial statements
  • How are Wills and other estate planning documents produced?
    Inherit generated legal documents are a critical efficiency gain for your practice. Rather than drawing upon your office admin support to draft and create documents, the system generated branded draft documents based on the signed off client's circumstances. Types of documents generated: Basic Will Testamentary trust Will Enduring power of attorney Medical power of attorney You are responsible for the accuracy of the finalised documents based on the information provided. Inherit version control system allow you to upload draft documents for adviser and client review until advisers accept a final draft on behalf of the client. All instructions and comments made by advisers and clients are recorded in our system that can be admitted as evidence in cases of future disputes
  • How are documents signed and stored?
    The adviser engaging you will nominate whether the completed testamentary documents are either signed by you or at your office or by the adviser. It is anticipated that where permitted in each jurisdiction, documents be signed electronically or otherwise through audio-visual means if the lawyer is not close to the place of address of the client or the adviser. Signed copies are then uploaded into the inherit deeds register. Original documents are either retained by the client, the adviser, or you as the panel lawyer on behalf of the client
  • Are there other professionals on the lawyer panel ?
    Over time, inherit intends to invite other professionals to the advisory panel to enhance the services that may be required and sought by both advisers and lawyers servicing clients with complex needs. This will include, for example: legal or taxation advisers with knowledge on estate administration or taxation issues; lawyers or other advisers in offshore jurisdictions who can offer advice relating to offshore inheritance tax issues for clients with assets in different jurisdictions; Specialist barristers in different jurisdictions for advice relevant to potential family provision issues; neuroscience psychology specialists who can give advice relating to decision-making capacity and testamentary capacity.
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