Deed Of Variation To Create A Discretionary Trust

Deed Of Variation To Create A Discretionary Trust Template for England and Wales

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Key Requirements PROMPT example:

"I need a Deed of Variation to Create a Discretionary Trust to modify an existing family trust established in 2010, adding my three adult children as potential beneficiaries and incorporating broader investment powers for the trustees."

Document background

A Deed Of Variation To Create A Discretionary Trust is commonly used when parties wish to introduce more flexibility into existing trust arrangements in England and Wales. This document is particularly valuable for estate planning, tax efficiency, and adapting to changing family circumstances. It must comply with the Trustee Act 1925, Trustee Act 2000, and relevant tax legislation. The deed typically includes detailed provisions about trustee powers, beneficiary classes, investment authority, and administrative procedures. It's essential when trustees need broader discretion in managing trust assets or when tax planning opportunities arise that require trust restructuring.

Suggested Sections

1. Parties: Details of current trustees, beneficiaries, and settlor

2. Background: Original trust details and reason for variation

3. Definitions: Key terms used throughout the deed

4. Declaration of Variation: Formal statement of the variation creating discretionary trust

5. Trust Terms: New discretionary provisions and trustee powers

6. Execution: Signature blocks and attestation clauses

Optional Sections

1. Tax Elections: Include when variation has tax implications requiring specific elections

2. Appointment of New Trustees: Include when trustees are being changed as part of variation

3. Powers of Investment: Include when specific investment powers need modification

4. Administrative Provisions: Include when changing operational aspects of trust

Suggested Schedules

1. Schedule of Assets: List of trust property subject to variation

2. Schedule of Beneficiaries: List of discretionary beneficiaries and their classes

3. Original Trust Deed: Copy of trust being varied

4. Tax Election Forms: Relevant HMRC forms if tax elections made

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Private Wealth Management
Legal Services
Financial Services
Estate Planning

Relevant Teams

Legal
Private Client
Tax Advisory
Wealth Management
Compliance

Relevant Roles

Trust Manager
Private Client Solicitor
Estate Planning Advisor
Wealth Manager
Tax Consultant

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Deed Of Variation To Create A Discretionary Trust Template for England and Wales

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