Trusts law is the area of law that deals with the creation, administration, and termination of trusts. A trust is a legal arrangement where a trustee holds property or assets (the trust property) for the benefit of one or more beneficiaries. Trusts can be used for a variety of purposes, such as estate planning, tax planning, asset protection, and charitable giving.
In Australia, trusts law is primarily governed by the common law and the various state and territory legislation that applies throughout Australia, such as the Trustee Act 1958 (Vic) in Victoria, the Trustee Act 1925 (NSW) in New South Wales, etc.
The common law of trusts in Australia includes the principles and rules that have been established by courts to govern issues such as the creation, administration, and termination of trusts. The state and territory legislation also provide for certain aspects of trusts such as the rights and responsibilities of trustees, the rights of beneficiaries, and the administration of trusts.
The courts in Australia are responsible for interpreting and applying the common law of trusts and the various state and territory legislation, and for determining the appropriate remedy for individuals who have been harmed by the actions of trustees.
It's important to note that the common law of trusts is subject to change as a result of court decisions and legislation, and that the law of trusts can vary from state to state in Australia.
