Trusts generally have a limited lifespan, but much can happen throughout that life, meaning that changes to the terms of the trust are often required. However, such changes may give rise to hidden tax costs if not properly considered. This session investigated a number of common legal issues and their practical implications in the context of amending the terms of a trust during the course of its life, including:
- Amending a trust deed for changing circumstances – What is and is not permissable?
- Hidden tax and duty costs when varying a trust deed; and
- The trust deed is missing – Now what?