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.
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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
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
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
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