Magnetic fields play a crucial role at all stages of the formation of low
mass stars and planetary systems. In the final stages, in particular, they
control the kinematics of in-falling gas from circumstellar discs, and the
launching and collimation of spectacular outflows. The magnetic coupling with
the disc is thought to influence the rotational evolution of the star, while
magnetised stellar winds control the braking of more evolved stars and may
influence the migration of planets. Magnetic reconnection events trigger
energetic flares which irradiate circumstellar discs with high energy particles
that influence the disc chemistry and set the initial conditions for planet
formation. However, it is only in the past few years that the current
generation of optical spectropolarimeters have allowed the magnetic fields of
forming solar-like stars to be probed in unprecedented detail. In order to do
justice to the recent extensive observational programs new theoretical models
are being developed that incorporate magnetic fields with an observed degree of
complexity. In this review we draw together disparate results from the
classical electromagnetism, molecular physics/chemistry, and the geophysics
literature, and demonstrate how they can be adapted to construct models of the
large scale magnetospheres of stars and planets. We conclude by examining how
the incorporation of multipolar magnetic fields into new theoretical models
will drive future progress in the field through the elucidation of several
observational conundrums.Comment: 55 pages, review article accepted for publication in Reports on
Progress in Physics. Astro-ph version includes additional appendice