The idea behind the law of estates and trusts is to ensure that assets remain safe and free from any kind of claims or vendettas against them by third parties www.aussiewillsandestates.com.au. If a person dies his/her assets are passed on to the surviving spouse/common-law partner, or to another specified person, viz: the executor appointed by the court on behalf of the deceased person, or if the deceased person had no will then the assets are left with the trustee or beneficiaries appointed by the court on behalf of the deceased person. If there is some type of litigation against the property that would stop the distribution of the asset to the beneficiary then the estate and trust law provides the required security for the owner/beneficiary and stops the proceeding against the owner/beneficiary.
If there is some type of claim made against the assets of the deceased person and if it is not against the common law principle i.e. that the estate should pass to the surviving spouse/common-law partner then the law of intestate and estates law is applied and the property is distributed according to the will of the deceased person. If the person who died has left a living trust and his/her decisions are disallowed by the law of intestate and estates law then the decisions are respected and the property is left with the executor or other designated trustee appointed by the court on behalf of the deceased person.
The law of trusts and estates law was first applied in England in the 18th century, but it is very much widespread and used in all the civilized countries of the world today. There are different types of trusts like charitable, proprietary, public, residential, business and land trust. There are various rules applicable in each of the different types of trusts. Under the UK law the following are some of the important guidelines regarding the use of the Trust and Estate law: the trustee must act in the best interest of the beneficiary; the trustee cannot benefit personally, and he/she cannot accept or receive payments or gifts in exchange for the trustee’s services.