Amending a Trust is risky business. To change the very nature of a Trust is in a sense to create a new Trust. This could trigger what is known as a resettlement of the Trust resulting in an enormous bill of stamp duty and artificially a capital gains tax bill as if the assets of the Trust had been sold to the market at market value even though they have not. Therefore, even where amending a Trust is necessary, careful thought from a taxation point of view and also from a Trust law point of view should be given as to whether or not amendment is possible. In all instances legal advice should be sought.
Recent Posts
- The Red Envelope. Re Marshall (deceased) (2020) 4 QR 321 and Testamentary Intention.
- Is Your Ex-Spouse Entitled To Make A Claim On Your Estate? Ryan v Harrison [2020] QSC 267 and the ex wife who thought she could.
- Changing Your Mind and Changing Your Will. Re: Picking and the hack that doesn’t work
- Friends Who Become Family. Rakovich v Marszalek [2020] NSWSC 589-Why good friends should make a will.
- ARE ALL YOUR CHILDREN REALLY EQUAL? The equality problem and the hotchpot clause solution to unequal distribution of your estate.