Does easyAML serve estate planning law firms?
Yes, estate planning practices can trigger several designated services (trusts, SMSFs, company incorporation, restructuring) so they are squarely in scope.
Yes. Estate planning practices typically trigger several designated services under Table 6 of the AML/CTF Act, so they're squarely in scope for Tranche 2 and easyAML is built to support them.
Common estate planning activities that are designated services:
- Establishing trusts (testamentary, family, SMSF) and incorporating companies for asset-holding structures - Table 6, items 5 and 6.
- Changing trustees of SMSFs or other trust structures - captured as restructuring of a legal arrangement.
- Varying trust deeds in a way that changes control or beneficial ownership - captured.
- Severing joint tenancies as a step in estate restructuring - typically captured where it directly advances a property transfer.
Common estate planning activities that are not designated services on their own:
- Preparing a will or EPOA - pure legal drafting; doesn't directly advance a Table 6 transaction.
- Drafting a BDBN for a superannuation member - instruction to a fund trustee; not itself a designated service.
- Advising on estate planning structures without executing them - pure advisory.
The difficulty for estate planning firms is the mixed pattern: a typical client engagement might combine non-designated drafting work with one or two designated structuring steps. easyAML covers the captured portion without requiring the firm to over-CDD the advisory work.
Related articles
- Do bookkeepers and BAS agents with access to client bank accounts need to register?
- Which business broking activities are designated services under Tranche 2?
- Which legal practice activities are designated services under Tranche 2?
- Which accounting firm activities are designated services under Tranche 2?
- Questions Regarding Designated Services