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Simple Declaration Of Trust

Simple Declaration Of Trust Template for Ireland

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Key Requirements PROMPT example:

Simple Declaration Of Trust

"I need a Simple Declaration of Trust for a residential property in Dublin that I'm purchasing with my sister, where I'll contribute 70% and she'll contribute 30% of the purchase price, with both of us as trustees and beneficiaries."

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Document background
A Simple Declaration of Trust is a crucial legal instrument used in Ireland when one party (the settlor) wishes to place assets or property in the care of another party (the trustee) for the benefit of specified individuals or entities (the beneficiaries). This document is commonly used in property transactions, family arrangements, and asset protection scenarios. It must comply with Irish trust law, including the Land and Conveyancing Law Reform Act 2009 and the Trustee Act 1893. The document typically includes details of the trust property, trustee powers and duties, beneficiary rights, and trust administration terms. A Simple Declaration of Trust is particularly useful in situations where clear documentation of beneficial ownership and trust arrangements is required, such as property co-ownership, family wealth planning, or asset protection structures.
Suggested Sections

1. Parties: Identifies and provides full details of the Settlor(s) and Trustee(s)

2. Background: Sets out the context of the trust creation and the intention to create a trust

3. Definitions: Defines key terms used throughout the document

4. Declaration of Trust: The formal declaration establishing the trust and specifying the trust property

5. Beneficiaries: Identifies the beneficiaries and their respective interests in the trust

6. Powers of Trustees: Details the powers granted to the trustees in managing the trust

7. Duties of Trustees: Specifies the obligations and responsibilities of the trustees

8. Trust Period: Defines the duration of the trust and any conditions for its termination

9. Governing Law: Confirms that the trust is governed by Irish law

10. Execution: Space for signatures, witness details, and execution formalities

Optional Sections

1. Appointment and Removal of Trustees: Include when there may be a need to change trustees in the future

2. Distribution Provisions: Include when specific rules for distributing trust assets or income are needed

3. Investment Powers: Include when trustees need specific investment authority beyond statutory powers

4. Trustee Remuneration: Include when trustees are to be compensated for their services

5. Variation Clause: Include when flexibility to modify trust terms may be needed

6. Confidentiality Provisions: Include when privacy of trust arrangements is particularly important

7. Tax Provisions: Include when specific tax planning arrangements need to be documented

Suggested Schedules

1. Schedule 1 - Trust Property: Detailed description and/or inventory of the assets placed in trust

2. Schedule 2 - Beneficiaries: Full details of beneficiaries and their respective entitlements or shares

3. Schedule 3 - Special Conditions: Any specific conditions or restrictions relating to the trust

4. Appendix A - Trustee Powers: Comprehensive list of specific powers granted to trustees beyond statutory powers

5. Appendix B - Administrative Provisions: Detailed administrative procedures for managing the trust

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºìÐÓÖ±²¥ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Financial Services

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Legal

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Estate Planning

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Relevant Roles

Trust Manager

Legal Counsel

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Estate Planner

Wealth Manager

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Compliance Officer

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Real Estate Attorney

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Industries






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