Can a declaration of trust be changed?

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A declaration of trust is a document that clearly sets out the interests of all parties who own a property asset. It is a legally binding document, which means that changes cannot be made without using a deed of variation.
Further information regarding the purpose of a declaration or deed of trust and its associated costs can be obtained from companies such as

What is a deed of variation?

A deed of variation is often used to alter the terms and conditions of a lease or on behalf of a beneficiary who has agreed to alter the will of a deceased person. In some situations, it may be simpler to replace a now obsolete deed with something called a deed of surrender.

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What is a deed of surrender?

A deed of surrender is a legal document that transfers the ownership of a property according to certain conditions for a specified period of time.

Can any amendments be made to a declaration of trust?

Once a deed has been executed, no alterations can be made; however, a declaration of trust can be redrafted or altered as many times as necessary before it is signed. It is therefore important to ensure all parties fully agree to the contents before the deed is signed.

You should note that additional costs will be incurred every time your solicitor is required to redraft the deed, although some solicitors will include one revision as part of their initial fee.

Can a declaration of trust be removed?

There are several ways that a declaration of trust can be removed:

1. All-party agreement

If all parties agree that the declaration should be removed, such as in the event of a change in circumstances, this can be arranged with relative ease. A deed of surrender will be used.

2. Family court

If the family court rules that a declaration is unfair or is likely to cause harm to at least one party, it may be overruled. In cases of divorce, the family court will make its decision with the aim of protecting both the welfare and housing needs of all parties, particularly if children are involved.

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  1. Sale of the property

    When the property is sold, its proceeds will be divided in line with the conditions of the declaration of trust; thereafter, the declaration will cease to be relevant.

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