variation of trust

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A trustee is normally obliged to carry out a trust according to its precise terms; if he fails to do so, he is liable to be sued by his beneficiaries. There are, however, circumstances (both under the court's own jurisdiction and by statute) in which a trust may be varied, and a wide discretion is given to the court, under the Variation of Trusts Act 1958, to vary a trust, provided (usually) that the variation is for the benefit of those on whose behalf the court is acting.

Subjects: Law.

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