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Trust Deed Variation

Trust Deed Variation Template for Ireland

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Key Requirements PROMPT example:

Trust Deed Variation

"I need a Trust Deed Variation to modify our family trust's investment powers, allowing for broader investment in sustainable and ethical funds, and to extend the trust period until January 2025 to accommodate the youngest beneficiary's education needs."

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Document background
A Trust Deed Variation is essential when modifications to an existing trust are required due to changing circumstances, tax considerations, or the need to update trust provisions. This document is commonly used in Ireland when trustees and beneficiaries agree to alter specific terms of a trust while maintaining its fundamental purpose. It must comply with Irish trust law, particularly the Land and Conveyancing Law Reform Act 2009, and may require court approval in certain cases. The variation can address various aspects including administrative powers, beneficiary rights, trust periods, and investment provisions. It's particularly relevant when family circumstances change, tax laws evolve, or trust assets need to be managed differently. The document requires careful drafting to ensure it maintains the trust's validity, protects beneficiaries' interests, and addresses any tax implications.
Suggested Sections

1. Parties: Identification of all parties including the current trustees, settlor (if alive and if their consent is required), and adult beneficiaries who are consenting to the variation

2. Background: Recitals detailing the original trust deed, reasons for variation, and confirmation that all necessary parties consent to the variation

3. Definitions: Definitions of key terms used in the deed, including reference to the Original Trust Deed, Variation Date, and specific terms relevant to the variation

4. Authority to Vary: Statement of the legal basis for making the variation, including reference to relevant powers in the original trust deed or statute

5. Variations: Detailed specification of exactly how the original trust deed is to be varied, with clear reference to the clauses being changed

6. Confirmation: Confirmation that all other provisions of the original trust deed remain unchanged

7. Effective Date: Specification of when the variations take effect

8. Governing Law: Confirmation that the deed is governed by Irish law

Optional Sections

1. Tax Declarations: Statements regarding tax implications of the variation, required when the variation has significant tax consequences

2. Perpetuity Provisions: Required when the variation affects the trust period or perpetuity aspects of the trust

3. Powers of Appointment: Needed when the variation involves changes to power of appointment of trustees or beneficiaries

4. Court Approval: Required when court approval has been obtained for the variation, particularly for variations affecting minor or unborn beneficiaries

5. Trustee Indemnity: Additional protection for trustees when the variation involves significant changes to trust assets or beneficiary rights

6. Severability: Provisions for severance of invalid terms, included when there's risk of partial invalidity

Suggested Schedules

1. Schedule 1 - Original Trust Deed: Copy or summary of the original trust deed being varied

2. Schedule 2 - Consent Forms: Signed consent forms from all adult beneficiaries and other relevant parties

3. Schedule 3 - Assets Schedule: List of trust assets affected by the variation, if applicable

4. Schedule 4 - Court Order: Copy of court order approving the variation, if applicable

5. Appendix A - New Trust Provisions: Clean copy of the new trust provisions as varied

6. Appendix B - Comparative Document: Side-by-side comparison of original and varied provisions

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Financial Services

Private Wealth Management

Legal Services

Real Estate

Family Office

Charitable Organizations

Corporate Trustees

Asset Management

Private Banking

Estate Planning

Relevant Teams

Legal

Private Client

Wealth Management

Trust Administration

Tax Advisory

Compliance

Estate Planning

Fiduciary Services

Corporate Services

Private Banking

Relevant Roles

Trust Lawyer

Private Client Solicitor

Legal Counsel

Trust Administrator

Wealth Manager

Tax Consultant

Estate Planning Attorney

Probate Specialist

Trust Officer

Fiduciary Services Manager

Family Office Manager

Corporate Trustee

Trust Accountant

Compliance Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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