Yes, you can amend the trust deed if it is a revocable trust.
There are several circumstances that you may consider amending the clauses in the trust deed. They are as follows:
1. Change in Marital Status
This includes a marriage, a divorce or a remarriage.
2. Change in Family Household
This includes the birth or an adoption of a child and the passing of a loved one.
3. Change in Beneficiaries and/or Percentage of Distribution
For instance, an individual formed a trust for his immediate family members. As time goes by, he wishes to include a relative and a charitable organisation as his beneficiaries of his existing trust. Hence, he shall amend the list of beneficiaries and the percentage of distribution of trust’s assets in the trust deed.
4. Change in the Size of Estate
For instance, a business owner has sold off his company for millions in cash. For his case, he may consider forming a trust and allocate a portion of the proceeds into his trust for greater wealth protection purposes.
5. Change in Laws and Regulations that Could Impact Your Estate
It is ideal for the settlor to amend his trust deed to ensure that his assets would enjoy the most efficient legal, tax and privacy protection in accordance with the latest laws and regulations governing in Malaysia.
Conclusion:
Due to changes in life circumstances, it is important to work closely with a local, highly experienced and professional trust consultant in order to ensure that our wealth protection needs are updated so that they can fulfil our life objectives.
