Trust deeds may need to be amended so as to sit parallel or at the least not inconsistent with perpetually evolving legislation, This is particularly so, 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 as 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 re-creations of the trust. A re-creation of a trust can trigger, amongst other things, tax consequences for state revenue purposes. This underscores the importance of having a trust deed correctly and accurately drawn up by a Trust Lawyer at the first instance. 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, to the extent possible, acrimony and unnecessary expenses in re-mediating 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 legal entities in taking advantage of trust structures for asset protection, legal tax minimisation and commercial purposes. We have exceptional experience on both a theoretical and practical level, when it comes to trust vehicles.
Contact our firm by telephone on (02) 9233 4048 or email info@navado.com.au to speak to a Trust Lawyer or Asset Protection Solicitor.
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.
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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:
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