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Declaration Of Bare Trust

Declaration Of Bare Trust Template for United Arab Emirates

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Key Requirements PROMPT example:

Declaration Of Bare Trust

"I need a Declaration of Bare Trust for a Dubai residential property worth AED 5 million, where I will act as trustee holding the property for my sister as beneficiary, with the arrangement to commence from March 1, 2025."

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Document background
The Declaration of Bare Trust is essential in the UAE for creating transparent and legally compliant trust arrangements, particularly in real estate, investment, and family wealth management contexts. This document is used when parties wish to separate legal and beneficial ownership while maintaining the beneficiary's absolute right to the trust property and its income. Operating within the UAE's unique legal framework, which combines civil law, Sharia principles, and special regulations for financial free zones (DIFC and ADGM), the declaration must carefully navigate these various legal requirements. The document typically includes detailed information about the trust property, parties involved, trustee obligations, and beneficiary rights, while ensuring compliance with UAE's property laws, anti-money laundering regulations, and financial regulations.
Suggested Sections

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

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

3. Definitions: Defines key terms used throughout the declaration

4. Declaration of Trust: The formal declaration establishing the bare trust and confirming the Trustee holds the Trust Property for the absolute benefit of the Beneficiary

5. Trust Property: Detailed description of the assets held in trust

6. Trustee Powers and Obligations: Outlines the limited role of the Trustee in a bare trust arrangement

7. Beneficiary Rights: Specifies the absolute entitlement of the Beneficiary to the Trust Property and income

8. Duration of Trust: Specifies the term of the trust and circumstances for termination

9. Governing Law and Jurisdiction: Confirms UAE law as governing law and specifies jurisdiction for disputes

Optional Sections

1. Multiple Trustees Provisions: Required when there is more than one trustee, outlining joint obligations and decision-making processes

2. Delegation Powers: Optional section allowing trustees to delegate certain administrative functions

3. Anti-Money Laundering Compliance: Required when trust property includes financial assets or involves financial institutions

4. DIFC/ADGM Provisions: Required when the trust has connections to UAE financial free zones

5. Replacement of Trustee: Optional section detailing the process for removing and replacing trustees

6. Trustee Remuneration: Optional section needed if trustees are to receive any form of compensation

7. Sharia Compliance Declaration: Required when parties wish to explicitly confirm compliance with Sharia principles

Suggested Schedules

1. Schedule 1 - Trust Property Details: Comprehensive list and description of all assets held in trust

2. Schedule 2 - Property Title Documents: Copies of title documents if trust property includes real estate

3. Schedule 3 - Beneficiary Information: Detailed information about beneficiary including identity documents

4. Schedule 4 - AML Certificates: Required documentation for anti-money laundering compliance

5. Schedule 5 - Trustee Declarations: Signed declarations by trustees accepting their appointment and duties

6. Appendix A - Execution Requirements: Specific execution requirements under UAE law

7. Appendix B - Translation Certificate: Arabic translation certificate if document is bilingual

Authors

Alex Denne

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

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alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Beneficiary
Trust Property
Trustee
Declaration Date
Effective Date
Governing Law
Legal Owner
Beneficial Owner
Trust Period
UAE
Business Day
Confidential Information
Execution Date
Identity Document
Legal Interest
Beneficial Interest
Notice
Property Title
Registration Authority
Trust Documents
Trust Income
Trust Powers
Trust Terms
Working Hours
Authorized Signatory
Bank Account
Emirates ID
DIFC
ADGM
Regulatory Authority
Sharia
Transfer Date
Trust Assets
Relevant Industries

Real Estate

Banking & Financial Services

Family Office & Wealth Management

Investment Management

Legal Services

Property Development

Corporate Services

Asset Management

Private Equity

Relevant Teams

Legal

Compliance

Wealth Management

Corporate Services

Risk Management

Property Management

Investment Management

Trust Administration

Private Client Services

Real Estate

Relevant Roles

Legal Counsel

Trust Manager

Compliance Officer

Wealth Manager

Property Manager

Investment Advisor

Corporate Services Manager

Legal Director

Risk Manager

Family Office Manager

Asset Manager

Company Secretary

Private Client Advisor

Real Estate Manager

Industries
UAE Civil Code (Federal Law No. 5 of 1985): Fundamental law governing civil transactions, contracts, and property rights in the UAE. Relevant for establishing the basic framework of ownership and contractual obligations.
UAE Commercial Transactions Law (Federal Law No. 18 of 1993): Governs commercial transactions and relevant when the trust involves business assets or commercial properties.
DIFC Trust Law (DIFC Law No. 4 of 2018): If the trust involves DIFC jurisdiction, this law provides specific regulations for trust arrangements within the Dubai International Financial Centre.
UAE Anti-Money Laundering Law (Federal Decree Law No. 20 of 2018): Ensures compliance with AML regulations in trust arrangements, particularly regarding beneficial ownership disclosure and source of funds.
UAE Central Bank Regulations: Relevant for trusts involving financial assets or banking arrangements within the UAE.
UAE Property Law (Various Emirates' Laws): Local property laws of relevant emirates if the trust involves real estate assets.
ADGM Trust Regulations: Applicable if the trust has connections to Abu Dhabi Global Market, providing specific trust regulations within this jurisdiction.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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