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(p. 721) 15. Variation of Trusts 

(p. 721) 15. Variation of Trusts
Chapter:
(p. 721) 15. Variation of Trusts
Author(s):

Paul S Davies

, Graham Virgo

, and E H Burn

DOI:
10.1093/he/9780198727651.003.0015
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date: 18 September 2019

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter shows how a variation of trust occurs in cases where all the beneficiaries of a trust are of full age, under no disability, and in agreement to terminate the trust and resettle the trust property on a new trust, varying the original trust. In cases of necessity, the court has an exceptional inherent jurisdiction to vary a trust. The Variation of Trusts Act 1958 enables the court to consent to the variation of a trust on behalf of certain actual or potential beneficiaries who are unable to consent to the variation. The Act enables the revocation of an existing trust and establishment of a new trust, but only where the new trust can be regarded in substance as similar to the old trust.

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