Embracing Change: Navigating Variations To Trusts In Manitoba

At its core, a trust is a legal arrangement wherein a person, known as the settlor, transfers assets to one or more trustees, who manage those assets in accordance with the terms outlined in the trust document on behalf of one or more beneficiaries. Trusts may arise in various scenarios, including under a Will, or by agreement between the settlor and trustees.

A roadmap for distribution

Typically, these terms are fixed, providing a roadmap for the management of the trust as well as the distribution of the income and property of the trust. The traditional perception of trusts often conjures images of rigid structures set in stone, designed to distribute assets according to a predetermined plan. However, there may be instances in which the terms of a trust are required to be amended – whether this be in order to make corrections to the trust or to make operative a provision that was seemingly inoperative.