Amendment to discretionary trust - excepted proceeds

These are clauses and definitions that can be inserted into a Deed of Variation of a family or discretionary trust when excepted proceeds need to be accommodated.

Sample

"Excepted Proceeds means any property transferred to the Trustee directly as the result of the death of a beneficiary under the terms of a policy of life insurance, out of a provident, benefit, superannuation or retirement fund, or otherwise ......."

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