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Trust deeds may need to be amended so as to sit parallel with perpetually evolving legislation, where an inadequacy is discovered in the terms of the trust or where the parties agree on a change to beneficial interests. Generally, trust deeds may be amended in accordance with the terms of the trust deed (if any) or by application to the Court. Many Asset Protection Lawyers or Trust Lawyers include express clauses in trust deeds that facilitate a variation to the terms of the trust in certain circumstances. Alternatively, Courts have an inherent power as well statutorily conferred powers to modify the terms of trust deeds. However, these powers are very strictly limited.
Certain variations to trust deeds may be considered recreations of the trust. A recreation of a trust can incur tax implications for state revenue purposes. This underscores the importance of having a trust deed correctly and accurately drawn up by a Trust Lawyer the first time. Amongst other things, a trust deed should comprehensively address the process and circumstances under which an amendment or variation to the trust deed can be properly effected, so as to avoid acrimony and unnecessary expense in remediating inadequacies and flaws.
Our Trust Lawyers and Asset Protection Solicitors are highly experienced in drafting, establishing and implementing trust deeds. Our Lawyers have assisted a variety of individuals, families and entities take advantage of trust structures for asset protection, legal tax minimization and commercial purposes. We have exceptional experience in both a theoretical and practical sense when it comes to trust vehicles.
Contact our office to speak to a Trust Lawyer or Asset Protection Solicitor. We have branch offices conveniently positioned across the Sydney metropolitan area, including in Baulkham Hills, Bondi Junction, Gordon, North Sydney and Parramatta. For a full list of our office locations, with complete addresses, click on our Locations tab above or contact our main office line on (02) 9233 4048.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
Date: Jan 23, 2012
Asset protection is a discipline that focuses on the security of an individual’s assets against claims or liabilities. Asset protection should be an important consideration for individuals, groups, partners or families that operate businesses or part…
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Date: Jan 23, 2012
There are a variety of benefits that can be derived from setting up a trust, including asset protection and tax minimisation. However, depending on your particular situation, goals and objectives, a trust may not be suitable. In a commercial sense, t…
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Date: Jan 17, 2012
This is a question that can only be examined upon a close and detailed inspection of your unique situation. Even then however, it is not always possible to canvass each and every contingency or event that can occur. Our Asset Protection Lawyers focus…
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Date: Jan 17, 2012
Certain variations or modifications to existing trust deeds may be considered recreations or resettlements of the trust. Resettlement or recreation has generally been defined by Courts to encompass a fundamental alteration to the trust deed as formed…
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Date: Jan 17, 2012
The concept of trusts as a whole can be difficult to understand. Before we can answer the question “what is a trustee?”, it is firstly necessary to explore the basic concept of trust structures. Normally, when a person owns property, they own both th…
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Date: Jan 17, 2012
The majority of discretionary trust deeds probably contain a provision or clause which designates an appointor or appointors. The appointor’s primary role is to nominate new trustees and remove existing trustees of the trust. The appointor is therefo…
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If you require assistance with a matter, you should make an appointment to see one of our Lawyers in one of the following locations:
