Everyone should have a "trust lawyer", be it those who create trusts, those who act as trustee, those who are beneficiaries of a trust, those who manage trust assets and those that want someone else's trust assets. I take time to reflect and help you identify and classify the creature known as a trust lawyer. Be an educated consumer.
The "real" Trust Lawyer: Despite many pretenders that appear to be the same, these are law professionals that deal almost exclusively with trust matters. Spouting jurisprudence like gospel. They speak an almost foreign language with Latin tones and big words like: fiduciary. They are almost never seen without a trust deed clutched in their hands. These are the people other "pretend" trust lawyers call to for help. Due to insignificant trust history and trust litigation in Asia, these "true" trust lawyers are non-existent in Asia. There just isn't enough feeding habitat for them. Besides, corporate trustee companies have virtually hunted the Trust Lawyer as trustee to death. Aside from the UK and few former UK-connected offshore centers like in the Caribbean, these shy and inquisitive creatures rarely venture out of their out-of-the-way, cubby hole office and are usually only sited at gatherings like STEP only. Normally quite docile, there are some that have been bred with aggressive traits. These nasty counterparts are sometimes adorned with "silk" are more commonly known as litigators and are often seen locked in mortal combat. You don't want to mess with them.
Yes, the US has plenty of them too but they lack sophistication that years of evolution bring and they chase ambulances too - black sheep of the family who play by different rules. It would be remiss of me not to say that Australia has its own unique sub-species, but like with all evolutionary processes there, Aussie trust lawyers are uniquely strange and considered distant cousins to their global counterparts.
Private Client Lawyers: This species caters to hunting, farming and cultivating individuals with money. They can be one's best friend offering advice on anything to do with buying things, selling things, marriage and divorce, employment, succession planning, immigration, philanthropy, taxes and everything in between that a wealthy individual should and could need, including a personal or family trust. Heck, some even are trustees. For a fee of course, as money drives this animal. If there's no money in the deal, then they rapidly lose interest. These lawyers can be well versed in trust matters but they often cover far more bases to be considered a true trust expert after all, "private client" is a segment of the market they serve not a law speciality . Whether these lawyers are good at trusts or anything or everything depends on the individual. Some are better hunters, some are better farmers. This tree of the family is usually out prancing in public and are very vocal displaying their colourful tail feathers and have an appetite for fine foods. You often find them in large lairs with fancy private bank decor. (If you find one in second-rate offices and vinyl furnishings, you must ask yourself how good can this guy be if he isn't making a killing milking 10% of every clients' wealth?) Consider them well groomed pedigree Cocker Spaniels of the legal world. For most, these lawyers can get you 75%, even 90% of whatever trust matters you need handled. Of course they can botch it as well. For the really sticky stuff, the smart ones call a real Trust Lawyer for assistance.
Family Law Lawyers: This species focuses mainly on the weddings and divorces, kids, parents and the unborn. I'll combine them with their closely related cousin, the Wills/Probate/Estate Lawyer whose job is mainly dealing with impending death and/or funerals. Sometimes they are one and the same. Both are very likely to dabble in trusts. Unlike their Private Client counterparts, these animals are generally low key and under-appreciated. These are the Saint Bernards of the legal world. Should you ever need one, you will be glad you found one. These lawyers can be quite well versed in planning with trusts and even creating them, usually much better than their typical Private Client counterparts. They are certainly much better at understanding the ramifications of their work than others. However, they can be too narrow focused and don't seem to give as much bang for the buck. If there isn't flesh and blood involved, then they get confused. The commercial and financial world is virtually alien to them. Use them in conjunction with another species and you could have the best of breed.
Tax Lawyers: This species originated in fiscally-ravaged areas. It followed the migration herds to all corners of the world. This species is usually the one that most wealthy seek out as saving/cheating on your taxes is a national sport in most countries. Tax Lawyers love trust work, like moths to a flame. It gives them the opportunity for them to exercise their prowess and cunning, just like a cat that likes to play with its prey. Unfortunately, this species is also the most challenged when it comes to trust planning. Beware of the Tax Lawyer as they have a one-track mind, eliminate tax. All else be dammed. As a result, some of the greatest trust follies, litigation and jail sentences have arisen from tax-driven cases. A good Tax Lawyer may get you 65% of the trust solution, with a caveat that it may also get you 7-10years in prison. All kidding aside, some Tax Lawyers are also excellent Trust Lawyers. But just some. My advice is never let a tax guy drive your trust planning. They can help navigate but please do not let them drive.
Commercial Lawyers: This specie usually only deals with companies and tend to be blind in seeing people or their problems. If you need a S&P contract or IPO or Shareholders' Agreement, then these are your guys. They are like polar opposites with Family Lawyers, in that these guys forget that humans are involved. But, like everything they do, their trust work is planned and drawn up like a contract or Company M&A so they earn the ire of those who believe in the rules of equity.....like the true Trust Lawyer. In general, they are light-weights in trust planning. They do neither good nor wrong. They are like GPs in the doctor world. They rarely kill but they also rarely save lives. In general, if a Commercial Lawyer suggests a trust, ask for referral to a specialist. They can ride shot gun.
Corporate Trust Lawyers: These are the people that create pension trusts, securitization trusts, unit trusts (of hedge funds), custodial and sometimes charitable trusts. These lawyers tend to be narrowly focused on the minefield of regulations and compliance issues dealing with corporate trusts but they know the principles of trusts. They have their own little world. If you need these types of trusts then they are best at what they do. However, if you need a personal or family trust, then they are of no more help than a baker is in telling how to cook your steak. Good general advice but not spot on.
At the end of the day, it comes down to people, not just qualifications or reputations (as some are earned and some are not). Good people do good work. Bad people do bad work. Smart people know their limitations. Dumb people have none. Honest advisors tell you what you should hear. Dishonest advisers tell you what you want to hear.
Another time, I'll dissect trust accountants and trustees...........
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