TaxTMI 
TaxTMI 
A Private Discretionary Trust was formed with a time horizon of 10 years and accordingly deed was executed. Now in next month, 10 yrs shall get completed . Th question is whether such kind of trust is compulsorily reqd to be dissolved or period could be extended though no such cluase of extension exists in the deed. Pls suggest legal support
Dissolution of trust
16 Nov 2009 
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Trust duration uncertainty: beneficiary authority may allow extension or reconstitution of a private discretionary trust after term expires.
Whether a private discretionary trust with a specified ten year term must be dissolved or can be extended depends on whether the deed is irrevocable, whether it contains a power to amend or extend the term, and who holds beneficial entitlement after expiry; absent an express extension clause, beneficiaries may be positioned to create a new trust or effect continuation. (AI Summary)
Whether a private discretionary trust with a specified ten year term must be dissolved or can be extended depends on whether the deed is irrevocable, whether it contains a power to amend or extend the term, and who holds beneficial entitlement after expiry; absent an express extension clause, beneficiaries may be positioned to create a new trust or effect continuation. (AI Summary)