Situations can change over time and due to either altering family situations or for example a change in the tax rules or legislation, it may become desirable to vary a Trust and its terms. Although the trustees must always try to abide by the settlor’s intentions for the Trust there may be situations where a variation of the Trust is required.
We can offer advice on the restructuring of existing Trusts to meet family, tax and other objectives. This may be by the exercise of trustee’s powers that allow them to transfer assets from a Trust to another Trust, or to vary or restrict their powers under the Trust.
A variation of a Trust can also occur if all beneficiaries are of age and full capacity and are all in agreement to the changes. In some circumstances it may be necessary to apply to court for their approval to the variation of the terms of the Trust in which case in conjunction with our Dispute Resolution team, we would be able to assist the trustees in their application.
If you would like to find out more about the variation of Trusts, please speak to a member of our team.