Applications to Vary Trusts
If a client is concerned about an impending or actual change in the law governing inheritance and succession issues, they may wish to consider varying the terms of a trust where adult beneficiaries are concerned. This is usually effected through a simple consent process. Often, 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 discern whether or not a ‘benefit’ would accrue from the proposed variation. It is of course important to take expert advice to try to ascertain prospects of success before any application is made to the court of course due to the inherent risks of court proceedings and that this can be a very costly process.
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 considerate approach ensures that we inform clients of the potential for this type of application at an early stage, enabling their affairs to be managed efficiently at all times.
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 considerate approach ensures that we inform clients of the potential for this type of application at an early stage, enabling their affairs to be managed efficiently at all times.
