If you are concerned about an impending or actual change in the law governing inheritance and succession issues, you may wish to consider varying the terms of a trust where adult beneficiaries are concerned. This is usually effected through a simple consent process.

More often than not, though, a variation will be complicated by the fact that there are beneficiaries who are deemed unable to provide consent, such as minors and beneficiaries whose identities are unknown (for example, prospective spouses where a trust provides for a contingent distribution pending the marriage of a beneficiary).

In such instances, our experts can help with making an application to the court under the Variation of Trusts Act 1958 (“the VTA 1958″), which empowers the court to provide consent on behalf of beneficiaries where the desired variation would be for their ‘benefit’. The courts have a wide discretion to determine whether ‘benefit’ could accrue from the proposed variation. It is important to take expert advice at an early stage to assess the prospects of success before any application is made, given the inherent risks and costs of court proceedings.

We are also able to represent beneficiaries seeking a variation at a preliminary hearing at which a request can be made for an interim order that the VTA 1958 application be heard in private, a trend having emerged in recent years for such applications to instead be heard in public. Our empathetic approach to these matters means that we will always advise of the potential for this sort of application at an early stage to ensure your affairs are managed as efficiently as possible at all points.