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Variation of Trusts Act 1958
The Variation of Trusts Act 1958 ((c 62 )) is an Act of the Parliament of the United Kingdom that governs the courts' ability to vary the terms of trust documents. Prior to the 1950s, the courts were willing to approve "compromise" agreements as to what terms meant, not only when they were disputed but also for the benefit of certain parties, such as minors. In 1954, the House of Lords decided in ''Chapman v Chapman'' that this would no longer be permitted, creating a gap between the rights of trusts under the Settled Land Act 1925 (which could be altered if there was a flaw) and those trusts that were not (which were affected by the ''Chapman'' decision). As a result, following a report by the Law Reform Committee, Petre Crowder introduced the Variation of Trusts Bill to Parliament, where it was given the Royal Assent on 23 July 1958, and came into force as the Variation of Trusts Act 1958.
The Act gave the courts near-unlimited discretion to approve "compromise" agreements, for the benefit of infants or other incapable individuals, for individuals who may become beneficiaries, or for unborn beneficiaries. The courts are also able to approve agreements for individuals who may be beneficiaries under protective trusts, with no requirement that the alterations be for their benefit. The courts have interpreted the Act's scope fairly widely, stating that almost any "variation" is acceptable, and that "benefit" may mean not just a financial benefit, but also a social or moral one. Despite initial fears that it would allow tax planners another way to hide funds and create a back-and-forth fight between the Chancery Division and Parliament, the Act was met with general approval. The ability of the courts to alter trustees' investment powers under the Act was criticised as slow and expensive, and as a result this is now covered by the Trustee Investments Act 1961.
==Background==
Prior to the 1950s, the courts commonly accepted that they could approve a "compromise" agreement where there was a dispute over the precise meaning of words in a trust document. In some cases, the courts used this to rearrange trusts for the benefit of certain parties (such as minors) where there was no real dispute.〔Edwards (2007) p.165〕 In 1954 however, the House of Lords decided in ''Chapman v Chapman'' () AC 429 that this power was reserved for a genuine dispute.〔Edwards (2007) p.166〕 This decision caused frustration: where previously all trusts could be varied, either through the court's ability to create a "compromise" agreement or the rights granted to trusts which came under the Settled Land Act 1925, ''Chapman'' limited this right to those created under the 1925 Act.〔Edwards (2007) p.171〕 In January 1957 the Lord Chancellor asked the Law Reform Committee "to consider whether any alteration is desirable in the powers of the court to sanction a variation in the trusts of a settlement in the interests of beneficiaries under disability and unborn persons, with particular reference to the decision in Chapman v. Chapman", and a report was presented to Parliament in November of that year.〔Price (1959) p.56〕 A draft bill was drawn up and introduced by Petre Crowder, the Member of Parliament for Ruislip-Northwood; it received its second reading in the House of Lords on 12 June 1958, and was given the Royal Assent on 23 July 1958.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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