ISBN Lookup

AI Overview

The book "Drafting Trusts and Will Trusts in Australia" is a comprehensive guide to drafting trust and will documents in the Australian legal context. Here is a detailed overview of the book, including its key themes, content, and critical reception:

Key Themes and Content

  1. First Principles and Client Dealing:

    • The book begins with fundamental principles related to dealing with clients when drafting trust documents, ensuring that the basics are covered in the drafting process.

  2. Interpretation of Trust Documents:

    • It includes chapters on the interpretation of trust documents, providing guidance on how to ensure that the documents are clear and effective.

  3. Beneficiaries, Trustees, and Their Duties:

    • The book covers issues arising in relation to beneficiaries, trustees, and their duties and powers, including the rules against perpetuities and accumulations.

  4. Trust Types and Provisions:

    • It discusses various types of trusts such as discretionary trusts, child maintenance trusts, will trusts, bare trusts, charitable trusts, and trusts for disabled beneficiaries. It also covers general provisions of a trust and administrative provisions.

  5. Precedents and Commentary:

    • The book includes a comprehensive range of precedents for both lifetime and will trusts. These precedents are provided in both printed and electronic formats, offering a fresh approach to creating documents. The commentary reflects all legislative and case law changes since the first edition, with the precedents reviewed and improved for each update.

  6. Taxation and Stamp Duties:

    • The book addresses the 2011 changes to the taxation of trust distributions and the imposition of stamp duty and land tax surcharges on non-resident trusts. It also includes new precedents dealing with the variation of trusts and income distribution resolutions.

  7. Execution of Wills and Trust Deeds:

    • It covers the execution of wills and trust deeds, including appointment and retirement of trustees, and indemnities for executors and trustees.

Critical Reception

The book has received positive reviews for its practical guidance and comprehensive coverage of trust law in Australia. Here are some key points from the critical reception:

  • Practical Guidance: The book is praised for its use as a guide to ensure that fundamentals are covered in the drafting process. It is particularly beneficial for those who do not regularly draft these types of documents, providing a solid foundation for understanding and preparing trust documents.

  • Comprehensive Precedents: The inclusion of a large number of precedents, both in printed and electronic formats, is highlighted as a significant strength. These precedents offer a fresh approach to creating documents and have been extensively updated to reflect legislative and case law changes.

  • Limitations: While the book is highly regarded, it is noted that it has its limits due to the breadth of possible issues that can arise in drafting trust documents. However, this is expected given the complexity of trust law.

Editions and Availability

The book is available in various editions, with the 2nd edition being a notable adaptation of the highly acclaimed UK title. The 2nd edition includes extensive updates to deal with the 2011 changes to taxation and stamp duties, making it an essential reference for practitioners in tax law, estate and succession planning, family law, and property law.

Conclusion

"Drafting Trusts and Will Trusts in Australia" by Michael Flynn, James Kessler QC, and James Richard Kessler is a comprehensive guide that provides authoritative guidance on drafting trusts and will trusts in eight Australian jurisdictions. It offers practical advice, a wealth of valuable precedents, and reflects all legislative and case law changes, making it an essential reference for legal practitioners in Australia.