Chapter 10
Revocation and variation


10.1 While the general rule is that trusts, once established, cannot be varied, changes in law, taxation rules and family circumstances can mean that trust deeds need to be modified to enable the trust property to be dealt with or the trust administered in a different way. The law has long recognised that there are circumstances where trusts should be able to be varied, brought to an end (revoked) or resettled onto new trusts. In this chapter we make recommendations relating to the revocation and variation of trusts. These issues were discussed more extensively in the Preferred Approach Paper and Third Issues Paper.243
243Law Commission Review of the Law of Trusts – Preferred Approach (NZLC IP31, 2012) at ch 9; ;Law Commission Perpetuities and the Revocation and Variation of Trusts: Review of the Law of Trusts – Third Issues Paper (NZLC IP22, 2011) at pt 2.