The law of equity and trusts is complex and tends to overlap with other areas of law such as taxation, estate management and property. It is advisable to engage a lawyer early in the process to ensure that the trust has been properly established and that the ongoing management of trust assets are undertaken according to law.

In the event that things do go wrong a lawyer can work quickly and effectively to protect trust assets or to provide assistance to trustees against whom a complaint has been made. A lawyer can assist by:

·         ensuring that the trust is correctly established;

·         advising on the appointment or retirement of trustees;

·         helping you understand your obligations as trustee;

·         communicating with financial advisors and other professionals;

·         acting as a professional trustee; and

·         helping you obtain a fair and equitable solution when things go wrong.

When establishing a trust a lawyer can ensure that you choose the most appropriate trust for your desired purposes. There is a wide range of trust structures available depending on whether you wish to:

·         provide for a family member into the future;

·         manage your assets after your death; or

·         minimise your taxable income.

As well as providing advice on the most appropriate structure a lawyer can assist you in drafting a trust deed and other relevant legal documents to ensure that all legal formalities are met. As time goes on and circumstances change trustees may need to retire or be reappointed. A lawyer can assist you in navigating this process efficiently.

If you are acting as a trustee in a personal or business capacity it is important that you know what your legal obligations are. A lawyer can provide simple and straightforward advice on how to fulfil your obligations according to law and avoid claims for breach of duty being made against you.

In the event that you are unsure who to appoint as trustee or you wish to retire as a trustee of an existing trust you can appoint a lawyer to act as trustee. A professional trustee can:

·         manage trust accounts;

·         prepare tax returns for the trust; and

·         maintain the relevant records.

If you are the beneficiary of a trust and have concerns about its management you may wish to speak to a lawyer to understand more about your rights and the steps you can take to obtain a fair and appropriate remedy.