As people and businesses have continued to acquire large amounts of wealth, the role of an estate lawyer has grown significantly. These lawyers now help their clients to develop a meaningful plan for asset management. More complex property tax laws have also driven up demand for these professional services.
If you own large amounts of property, you now almost certainly need an estate lawyer to ensure that your assets are properly managed. This increase in demand (for estate lawyers) has led to the growth of estate law as a field in itself. With the changing patterns of property ownership, estate lawyers have also evolved over time.
Current roles of estate lawyers
- Managing wealth and navigating tax laws
In Australia, the gap between the rich and the poor is steadily growing. A 2017 study showed that only 13% of households earn more than $100,000 a year (as compared to 41% of households earning $40,000 and lower). This means that more wealth is being concentrated at the top, and among fewer families.
Persons who are accumulating more assets need better wealth management practices in order to control their estate. Estate lawyers have the expertise necessary to help such people navigate complex tax laws. Their role has, therefore, become more important, and such lawyers are gaining more opportunities to increase their income potential.
Because property management has become more complex over the years, estate lawyers are now important assets. They assist in estate planning and how individuals or businesses can manage their property. Estate lawyers also make it easier for you to determine how you can make charitable contributions or distribute your property to multiple beneficiaries.
- Managing living trusts
If you're thinking of using a living trust to manage your property, they can also facilitate the process and provide critical advice. Indeed, trusts are becoming popular options for both people and businesses because they can be managed separately from one's personal assets.
Trusts also make it easier for property owners to transfer control of various parts of their estate. Estate lawyers help with this complex planning and all legally required frameworks.
What this means for you and your property
If you have a growing portfolio of property, you don't have to suffocate under the complex legal and management requirements of your estate. Estate lawyers have the knowledge and expertise needed to assist with your estate planning. From preparing wills to deciding on charitable contributions, the services of these lawyers have become critical.