Variation of trusts

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Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
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Produced in partnership with Paul Davies of Clarke Willmott 12th Jan
Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
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9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
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9th Nov
Practice notes
The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
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9th Nov
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
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Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
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9th Nov
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
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9th Nov
Practice notes
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
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9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
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9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
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9th Nov
Practice notes
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...
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9th Nov
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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9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
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Produced in partnership with Peter Murrin of Turcan Connell 12th Jan
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
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Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
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Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Most recent Variation of trusts content

Practice notes
Variation of trustsAs a general rule trustees are bound to carry out the settlor's wishes. However, circumstances may arise where a variation is...
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12th Apr
Practice notes
Variation of trustsIt is open to any settlor to impose such trusts and confer such powers and discretions as they see fit. Consequently, the general...
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9th Apr
Practice notes
The Variation of Trusts Act 1958 (VTA 1958) gives the court the jurisdiction to approve variations to the terms of a trust on behalf of beneficiaries...
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Produced in partnership with Edward Reed and Charlotte Kynaston of Macfarlanes 9th Apr
Q&As
An overview of the law on perpetuities and accumulations can be found in Practice Note: Perpetuities and accumulations.It appears that the trust in...
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31st Mar
Q&As
For the purposes of the Q&A, we have assumed the life interest trust was established by Will. We have also assumed that the remainderman has a vested...
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15th Feb
Q&As
In answering this Q&A, we have assumed that this is an express power set out in the discretionary trust deed itself. In that case, the method of...
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22nd Jan
Q&As
See Practice Note: Creation of trusts—discretionary trusts for information on the nature of a discretionary trust.Under a discretionary trust, the...
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22nd Jan
Q&As
The Practice Note: Termination of trusts—methods of termination explains that, where an express trust is completely constituted, it is generally...
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Produced in partnership with Graham Stott of gunnercooke LLP 22nd Jan
Q&As
A legatee can alter the effect of a Will by passing on to someone else any property which the operation of a Will gives to him.For the general rules...
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22nd Jan
Q&As
Where all of the members of the discretionary class and the default beneficiaries are all identified, aged 18 or over, are all of sound mind and they...
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22nd Jan
Q&As
Under the Variation of Trusts Act 1958 (VTA 1958), the court may by order approve any arrangement:'Where property, whether real or personal, is held...
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22nd Jan
Q&As
Disclaimer by the life tenantThis Q&A envisages that the life tenant has already validly disclaimed their life interest. The consequences of a...
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Produced in partnership with Lynne Counsell of 9 Stone Buildings 22nd Jan

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