Best Trusts Lawyers in Australia

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FS Legal

FS Legal

Perth, Australia

Founded in 2017
50 people in their team
Right Firm. Right NowAt FS Legal Perth, Our aim is to build lasting relationships with our clients and to cater to all of their legal requirements,...
English
Dwyer Durack Lawyers

Dwyer Durack Lawyers

Perth, Australia

Founded in 1915
50 people in their team
Providing timely and practical legal advice to Perth locals and Western Australians since 1915.Dwyer Durack retains a long-standing reputation as one...
English
Advocate Lawyers

Advocate Lawyers

Kingston, Australia

Founded in 2022
10 people in their team
About usNow open in Kingston and Hobart! Advocate Lawyers provides services to residents of the Channel, Huon, Hobart and beyond. We can assist with...
English
Beger & Co Lawyers.

Beger & Co Lawyers.

Adelaide, Australia

Founded in 1997
25 people in their team
Experienced, skilled and caring legal adviceAdelaide Lawyers who are experienced, skilled and caring. Read our Reviews to find out why our clients...
English
Johnston Withers

Johnston Withers

Adelaide, Australia

Founded in 1946
200 people in their team
Overview Founded over 70 years ago, Johnston Withers is a progressive and professional law firm. We combine our history, extensive experience,...
English
Di Lizio & associates

Di Lizio & associates

Hurstville, Australia

Founded in 1989
2 people in their team
Welcome to Di Lizio & AssociatesWe are a leading boutique legal firm conveniently located in Hurstville CBD. Our experience extends across a...
English
Greg Smith & Co

Greg Smith & Co

Wynyard, Australia

Founded in 2000
5 people in their team
About UsEstablished in 2000 following a name change of a firm which has been on site since 1970, Greg Smith & Co has focused on continuing the...
English
Wallace Wilkinson & Webster

Wallace Wilkinson & Webster

Hobart, Australia

Founded in 1976
16 people in their team
Our Firm Wallace Wilkinson & Webster is a leading Hobart-based legal practice providing specialist services in all areas of the law.From...
English
Tremayne Fay Rheinberger Lawyers

Tremayne Fay Rheinberger Lawyers

Hobart, Australia

Founded in 1970
50 people in their team
About usTremayne Fay Rheinberger Lawyers is a Hobart-based law firm servicing private and corporate clients across Tasmania and interstate. The...
English
Michael Birch

Michael Birch

Hurstville, Australia

Founded in 1987
2 people in their team
AboutMichael Birch graduated from Macquarie University in 1982 with a Bachelor of Arts and Bachelor of Laws degrees. Michael was admitted as a...
English

About Trusts Law in Australia:

Trusts are a common legal structure in Australia used for a variety of purposes, such as asset protection, estate planning, and tax minimization. A trust involves the legal transfer of property or assets to a trustee, who manages them for the benefit of one or more beneficiaries. Trusts can be discretionary trusts, unit trusts, hybrid trusts, or testamentary trusts, each with its own set of rules and regulations. Trusts law in Australia is governed by both common law and legislation, such as the Trustee Act 1925 and the Income Tax Assessment Act 1936.

Why You May Need a Lawyer:

There are several situations where you may require legal assistance with trusts in Australia, such as creating a trust deed, setting up a trust structure, understanding your rights and obligations as a trustee or beneficiary, resolving disputes within a trust, or seeking advice on tax implications of a trust arrangement. A lawyer specializing in trusts law can provide valuable guidance and ensure that your interests are protected.

Local Laws Overview:

In Australia, trusts are subject to a range of laws at both the state and federal levels. Some key aspects of local laws that are particularly relevant to trusts include trustee duties and responsibilities, tax implications of trust distributions, the validity and enforceability of trust deeds, and the rules governing the removal or replacement of trustees. It's essential to understand these laws to ensure compliance and avoid potential legal issues.

Frequently Asked Questions:

1. What is a trust deed?

A trust deed is a legal document that establishes the terms and conditions of a trust, including the rights and obligations of the trustee, beneficiaries, and settlor, as well as the rules for administering the trust.

2. Who can be a trustee of a trust?

Any individual or company can be a trustee of a trust, as long as they are legally competent and not disqualified under the law.

3. What are trustee duties and responsibilities?

Trustees have a fiduciary duty to act in the best interests of the beneficiaries, manage the trust property prudently, keep accurate records, and comply with the terms of the trust deed.

4. How are trust distributions taxed in Australia?

Trust distributions are subject to tax at the beneficiary's marginal tax rate, with potential franking credits for certain types of income. The trustee is responsible for reporting and paying tax on behalf of the trust.

5. How can I change the terms of a trust deed?

Changing a trust deed typically requires the consent of all the trustees and beneficiaries, as well as compliance with any relevant legal requirements set out in the trust deed or legislation.

6. Can a trust be challenged in court?

A trust can be challenged in court on various grounds, such as fraud, undue influence, mistake, or lack of capacity, but the process can be complex and may require legal assistance.

7. What is a testamentary trust?

A testamentary trust is a trust established in a will that comes into effect upon the death of the testator, often used for estate planning purposes to protect assets and provide for beneficiaries.

8. How can I protect my assets through a trust?

Setting up a trust can help protect your assets from creditors, legal claims, and inheritance disputes, but it's essential to seek legal advice to ensure the trust structure is legally sound.

9. What is a charitable trust?

A charitable trust is a trust set up for charitable purposes, such as supporting a specific cause or organization, and may qualify for tax benefits under Australian law.

10. How can I dissolve a trust?

Dissolving a trust requires the consent of all the trustees and beneficiaries, as well as compliance with any legal requirements set out in the trust deed or relevant legislation. It's advisable to seek legal advice to navigate this process effectively.

Additional Resources:

For more information on trusts law in Australia, you can consult the Australian Taxation Office (ATO) website, the Australian Securities and Investments Commission (ASIC), or seek guidance from a reputable law firm specializing in trusts and estate planning.

Next Steps:

If you require legal assistance with trusts in Australia, consider contacting a trusts lawyer or solicitor who can provide tailored advice and guidance based on your specific circumstances. Be prepared to provide relevant documents, such as the trust deed, financial records, and any relevant correspondence, to help the lawyer assess your situation effectively.

Disclaimer:
The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation. We disclaim all liability for actions you take or fail to take based on any content on this page. If you find any information to be incorrect or outdated, please contact us, and we will make efforts to rectify it.