Trusts and estates is about succession and the transmission of family wealth.

  • It encompasses many areas of law: The law of wills, the law of trusts, agency law, tax law, elder law, real estate law, and laws regarding the transfer of specific assets (such as bank accounts, life insurance, and retirement accounts).

  • It can include planning (e.g., estate planning, tax planning, planning for incapacity, and Medicaid planning), administration, or litigation.

It is a field of study and practice that is constantly changing to reflect changed social norms (e.g., increasing divorce rates and same-sex marriages), advances in medicine (e.g, issues can arise from preserving embryos and from prolonging life), and technological advances (e.g., planning is now necessary for digital assets).