The curt was asked whether a resettlement of part of a trust fund on a new trust could be a variation which the court could approve under the 1958 Act.
Held: A variation under the Act must not be such as to change the fundamentals of the trust.
Megarry J said: ‘If an arrangement changes the whole substratum of the trust, then it may well be that it cannot be regarded merely as varying that trust. But, if an arrangement, while leaving the substratum, effectuates the purpose of the original trusts by other means, it may still be possible to regard that arrangement as merely varying the original trusts, even though the means employed are wholly different and even though the form is completely changed.’
Judges:
Megarry J
Citations:
[1968] 1 WLR 899
Statutes:
Jurisdiction:
England and Wales
Cited by:
Cited – Goulding and Goulding v James and Daniel CA 10-Dec-1996
The family sought approval of a proposed variation of the will to make best advantage of tax allowances. Because the beneficial interests of children would be affected, the court’s approval was necessary. The judge had refused to approve the . .
Lists of cited by and citing cases may be incomplete.
Trusts
Updated: 17 May 2022; Ref: scu.241671