Recorded Webinar: Bad Deeds: The Perils and Pitfalls of Older Trust Arrangements

Family trusts and testamentary trusts have been a well-used tool for asset protection and income management for many years. However, as a result of the impact of new legislation, case law and changing family or other circumstances, the instrument may not meet current needs and could expose the trust or beneficiaries to unwanted financial and other consequences. This practical session examines some of the problems in older trust deeds and provides practical strategies for rectification, including:

• Why might the trust deed need variation? Identifying reasons for change
• Reviewing key clauses – death or incapacity of appointors and guardians, beneficiaries and variation
• Power to vary - the deed and State legislation
• When to seek the assistance of the courts
• Common law restrictions on variation and how they might apply
• Changing trustee - Corporations Law requirements
• Drafting a deed of variation - tips and traps
• ATO rulings and recent cases