When should a Discretionary Trust be updated?

Generally speaking, a Discretionary Trust deed should be updated when:

1. There is a change in the law surrounding Discretionary Trusts relevant to the Trust (for example the 2018/2019 changes concerning Foreign Beneficiaries);
2. there is a change in the client's circumstances warranting review and amendment of the deed; or
3. significant time has lapsed since the deed was established or last varied. If the deed predates the High Court decision in Bamford from 2009, then the deed should generally be updated to include the significant changes to the laws relating to income streaming.