Why is equity law necessary?
Equity essentially means fairness. Our legal system is based on these rules and this area of law gave birth to the law of trusts.
Trust law is a set of rules that have been established to regulate situations where one person places trust in another to look after their affairs. This includes the way that charities are run, or the way that money left to somebody in a will is governed.
What is trust law?
Equity stretches across all areas of law, so it’s a very important part of the legal system, but the majority of people working in this area of law will be dealing with the various intricacies of trust law.
Trust law is so important because somebody has placed their trust in another and often released their control over a particular object. Consequently, if you are working in this area of law, you will be working to make sure that trust is not abused.
You may be working to make sure charities are correctly spending the money that has been donated, or resolving conflicts between families. It may often involve dealing with the affairs of people who are no longer around and therefore you will need to be sensitive to the situation of your clients. This applies whether you are a paralegal, an advocate, a barrister or a legal clerk.
What skills do I need to get into trust law?
Sometimes, trust law matters can be very complicated and often items, objects or money may have changed hands several times before anyone notices a problem. Consequently, unravelling these issues can be a complex process and you will often need to understand vast pieces of information and follow long paper trails.
Disputes often arise between partners who are looking to separate, especially regarding property. These scenarios are at the heart of trust law and it’s not unusual for your work to be intertwined with family law or other areas of law. You will need to be versatile and able to react to changing circumstances in a constantly evolving area of law.
If you have a passion for understanding complex relationships, are happy dealing with people often going through difficult periods in their lives and are prepared to work long hours, then equity and trust is a subsector to explore in more depth. One of the best ways to get a taste of the industry is through some firsthand work experience.
If you’re interested in finding out more about equity law, go check out our sister site AllAboutLaw.