Variation of Trusts Act 1994

If property, whether real or personal, is held on trusts arising, whether before or after the commencement of this Act, under a will, settlement or other disposition or on the intestacy or partial intestacy of a person or under an order of a court exercising jurisdiction in Tasmania, the Court, subject to subsection (4), may by order approve on behalf of a person specified in subsection (3) an arrangement – varying or revoking all or any of the trusts; or resettling an interest under the trusts; or enlarging the powers of the trustees of managing or administering any property subject to the trusts.

The powers conferred by subsection (1) may be exercised whether or not – the person proposing the arrangement has any benefit or duty under the trusts; and there is any other person beneficially interested who is capable of consenting to the arrangement.

For the purposes of subsection (1), a person on whose behalf the Court may approve a proposed arrangement is to be – a person who has, directly or indirectly, an interest, whether vested or contingent, under the trusts and who by reason of minority or other incapacity is incapable of consenting to the arrangement; or a person, whether ascertained or not, who may become entitled to an interest under the trusts on being, at a future date or on the happening of a future event, a person of any specified description or a member of a specified class of persons; or a person who is unborn or unknown or whose whereabouts are unknown; or a person in respect of any interest that may arise by reason of a discretionary power given to a person on the failure or determination of an existing interest that has not failed or determined at the date of the application to the Court.

Before a proposed arrangement is submitted to the Court for approval, it must have the consent in writing of any person, other than a person on whose behalf the Court may approve an arrangement, who is beneficially interested under the trusts and who is capable of consenting to the arrangement.

In any proceedings under this section, the interests of all actual and potential beneficiaries of the trusts are to be represented.