Discretionary Trust Frequently Asked Questions
a question in Discretionary Trust
To determine whether you can change the Trustee of a Trust you must consider the terms of the Deed. You must ensure the terms of the deed allows the Trustee with the consent of the relevant controller (if applicable) to make such change.
If the deed allows for a change of Trustee, you generally must execute a deed of variation. A deed of variation is a legal document that is used to change the details of an existing trust. Before drafting a deed of variation, you must ensure the terms of the deed allow the Trustee to make that particular change. Before making any change to a trust deed it’s very important to consider all tax and duty implications.
You can change the Trustee of a Trust by:
- Adding a Trustee – Individual or Corporate Trustee
- Removing a Trustee – Individual or Corporate Trustee
- Changing from Individual to Corporate Trustee
The summary displayed on this page is for information purposes only. Summary should be considered general in nature, and should not be a substitute for professional legal advice. You must always seek your own independent legal, financial and accounting advice about your unique situation.