Trusts and Estates Definition
The ‘trusts and estates' practice area is a broad one.
At its foundation, the classification focuses on the ‘two life certainties' – death and taxes. In particular, trusts require a deep understanding of the taxation system, while estate planning is centred around wills.
Due to the breadth of potential areas, many lawyers in this area will have particular niche specialisations. Generally, the lawyers profiled will also work collaboratively with other advisers in the clients’ network, for example, accountants, financial planners, risk advisers, financiers, and, increasingly, other lawyers who do not have deep specialisation in this area.
Lawyers working in this area will generally have some experience, if not deep specialisation, in a range of specific areas, including:
Unlike many comparative areas, lawyers in this area will need to have experience, both in relation to state based legislation (each state has its own rules in relation to trusts and succession) as well as federal legislation (there is commonwealth legislation in relation to taxation, superannuation, and bankruptcy for example).
The range of specific legal documents prepared by lawyers working in this area is extensive. Some examples include:
wills (including testamentary trusts);