Why is it important to carefully review a trust deed before making amendments?
Before amending a trust deed, it is important to carefully review the deed to determine whether the proposed amendment is permitted and what requirements must be followed. Not all trust deeds, or all provisions within them, can necessarily be amended. An ineffective or improperly made variation may also have unintended legal, taxation or duty consequences and affect the trust’s asset protection, succession planning and governance arrangements.
Our Estates team discuss this important topic.
Summary
Trusts are commonly established to provide flexibility, asset protection, succession planning and taxation advantages over an extended period of time. As circumstances change, however, trustees and advisers may need to consider amendments to the terms of a trust.
