I ordered a fixed unit trust, but it was meant to be an ordinary (non-fixed) unit trust. The deeds have all already been signed and executed, and the trust has entered into agreements, etc. How can I go about changing this?
Unfortunately, the fixed unit trust deed and the ordinary unit trust deed are entirely different deeds, with different provisions, and to make a change to the deed now may constitute a resettlement (which can have stamp duty and capital gains tax (CGT) implications). Whether this change would resettle the trusts (it would mainly involve adjusting how units can be valued) is unclear.
Nevertheless, in some cases (i.e., where it is clear that the wrong deed was used by mistake when the trust was established), it may be possible for a deed of rectification to be prepared to reflect the original intention of the parties when the trust was established and to correct the mistake. Whether a deed of rectification can be prepared needs to be considered on a case by case basis, having regard to the risk of resettlement.