Variation of trusts

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Practice notes
Creation of trusts—express trustsConstituents of a trustWhen drafting, keep in mind that the essentials of creating a validly constituted trust...
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19th May
Practice notes
IHT—quick succession reliefQuick succession relief (QSR), which is not to be confused with taper relief, applies to a transfer of value which attracts...
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Produced in partnership with Katya Vagner of PwC 19th May
Practice notes
Trustees—appointment of trusteesOriginal trusteesTrustees will usually be appointed by the instrument that brings the trust into existence. The trust...
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19th May
Practice notes
What is an offshore trust?A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or...
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Produced in partnership with Mourant Ozannes and Carey Olsen 19th May
Practice notes
Creation of trusts—beneficiariesWho may be beneficiariesEvery person who would be capable of owning property if of full age and sound mind may be a...
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19th May
Practice notes
CGT—reliefsFORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a call for evidence to seek...
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19th May
Practice notes
Beddoe applicationsWhen trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 19th May
Precedents
This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...
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19th May
Practice notes
Trustees—statutory powers of trusteesSource and availabilitySourcesTrustees have certain powers conferred on them by statute, in particular by the...
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19th May
Practice notes
Trustees—removal of trusteesA trustee may be removed against their will in any of the following ways:•under an express power in the trust...
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19th May
Q&As
At what stage and to whom can a Deed of Appropriation take place when selling a second property in an estate?We assume you refer to the situation when...
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19th May
Practice notes
The Cy-près doctrineFORTHCOMING CHANGE: On 22 March 2021, the government published its response  to the Law Commission’s report of 14 September 2017,...
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19th May
Practice notes
Relief for income tax lossesReliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer...
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19th May
Practice notes
Trustees—self-dealing, unauthorised profits and conflicts of interestThe self-dealing ruleThe self-dealing rule is connected to, but distinct from,...
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19th May
Practice notes
Discretionary trusts—ScotlandWhat is a discretionary trust?A discretionary trust or discretionary settlement is an arrangement created when an...
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Produced in partnership with Peter Murrin of Turcan Connell 19th May
Practice notes
Beneficial ownership registers—private clients and trustsCORONAVIRUS (COVID-19): Certain aspects of the PSC regime are affected by temporary measures...
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19th May

Most recent Variation of trusts content

Q&As
Is there any way a prospective beneficiary of an already established discretionary trust can be removed?See Practice Note: Creation of...
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1st Aug
Q&As
Can the remainderman of a life interest trust disclaim their interest? What are the IHT consequences of the remainderman disclaiming their interest on...
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1st Aug
Q&As
Is it possible to assign an interest in reversion where the interest is contingent on the remainderman surviving the life tenant?Remainders are either...
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1st Aug
Q&As
Can a deed of variation be used to increase a minor's age contingency in a Will, from 18 years to 21 years?A legatee may alter the effect of a Will or...
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1st Aug
Q&As
Where an intestate's minor children are to inherit on statutory trusts, is it possible to vary the terms of those trusts (through court application),...
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Produced in partnership with Graham Stott of gunnercooke LLP 1st Aug
Q&As
Can the trustees of a discretionary Will trust transfer some of the assets out of the trust into a new trust that they have set up for some of the...
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1st Aug
Q&As
Can a life interest trust be varied if the ultimate beneficiary is a minor?No information has been provided about the detailed trust terms or the...
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1st Aug
Q&As
What is the procedure to apply to the court to vary the terms of the trust?Under the Variation of Trusts Act 1958 (VTA 1958), the court may by order...
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1st Aug
Q&As
In what scenarios could a voluntary settlement over matrimonial property containing the wording ‘this settlement is intended to be irrevocable’ be...
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Produced in partnership with Graham Stott of gunnercooke LLP 1st Aug
Q&As
Can a pre-2010 discretionary trust be varied to alter the accumulation period, where the primary beneficiary is 21 and has learning disabilities?An...
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1st Aug
Q&As
Can a trust deed be varied by deed of variation to amend the date?Full question: Can a trust deed be varied by deed of variation to amend the date if...
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1st Aug
Q&As
In a life interest trust where the life tenant has already disclaimed their life interest, is it possible for the life tenant and remainderman to...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 1st Aug
Q&As
Can a deed of variation by the beneficiaries be used to amend trustees' powers in a discretionary trust set up by Will?Where all of the members of the...
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1st Aug

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