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Declaration Of Trust

Declaration Of Trust Template for United Arab Emirates

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Key Requirements PROMPT example:

Declaration Of Trust

"I need a Declaration of Trust under UAE law to establish a family trust for my business assets, with my three children as beneficiaries and distribution to commence from March 2025, including provisions for Islamic inheritance principles."

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Document background
A Declaration of Trust is a crucial legal instrument in the United Arab Emirates used to formally establish trust arrangements and document the transfer of assets from a settlor to trustees. This document is particularly relevant in situations involving wealth preservation, family succession planning, asset protection, or commercial trust arrangements. The declaration must comply with UAE legal requirements, including both civil law principles and, where applicable, Sharia law considerations. It's commonly used in the DIFC and other UAE jurisdictions for both personal and commercial trust arrangements. The document typically includes comprehensive details about the trust property, management structure, beneficiary rights, and distribution mechanisms. Given the UAE's unique legal framework, special attention is paid to ensuring the trust structure aligns with local regulatory requirements while maintaining international trust principles.
Suggested Sections

1. Parties: Identifies the Settlor (creator of the trust), the Trustee(s), and the named Beneficiaries

2. Background: Sets out the context and purpose of creating the trust

3. Definitions: Defines key terms used throughout the document

4. Declaration of Trust: Formal declaration establishing the trust and confirming the transfer of assets

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

6. Powers of Trustee: Comprehensive list of powers granted to the trustee(s) in managing the trust

7. Duties of Trustee: Specific obligations and responsibilities of the trustee(s)

8. Rights of Beneficiaries: Defines the entitlements and rights of the beneficiaries

9. Distribution Provisions: Details how and when trust assets will be distributed

10. Trust Duration: Specifies the term of the trust and any conditions for termination

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

12. Execution: Formal execution clause and signature blocks

Optional Sections

1. Protector Provisions: Include when a trust protector is appointed to oversee certain aspects of trust administration

2. Sharia Compliance Declaration: Include when the trust needs to explicitly comply with Islamic finance principles

3. Investment Guidelines: Include when specific investment parameters need to be set for the trustees

4. Successor Trustee Provisions: Include when specific provisions for trustee succession are required

5. Letter of Wishes: Include when the settlor wishes to provide non-binding guidance to trustees

6. Variation Provisions: Include when specific mechanisms for varying trust terms are required

7. Perpetuity Period: Include when trust may extend for multiple generations

8. Tax Provisions: Include when specific tax considerations need to be addressed

Suggested Schedules

1. Schedule 1 - Trust Property: Detailed inventory of initial trust assets

2. Schedule 2 - Beneficiary Details: Full details of beneficiaries including shares or interests

3. Schedule 3 - Administrative Provisions: Detailed procedures for trust administration

4. Schedule 4 - Investment Powers: Specific investment powers and restrictions

5. Appendix A - Letter of Wishes: Non-binding memorandum from settlor to trustees

6. Appendix B - Compliance Requirements: Specific UAE regulatory and compliance requirements

7. Appendix C - Fee Schedule: Details of trustee remuneration and trust expenses

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Financial Services

Wealth Management

Real Estate

Family Business

Private Banking

Legal Services

Investment Management

Corporate Services

Islamic Finance

Estate Planning

Relevant Teams

Legal

Wealth Management

Trust Administration

Compliance

Private Banking

Corporate Services

Risk Management

Islamic Finance

Estate Planning

Asset Management

Relevant Roles

Wealth Manager

Trust Officer

Legal Counsel

Private Banker

Estate Planner

Financial Advisor

Compliance Officer

Corporate Services Manager

Trust Administrator

Family Office Manager

Investment Manager

Legal Director

Islamic Finance Specialist

Asset Manager

Risk Manager

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): The foundational law governing civil transactions, including property rights, ownership, and general contractual obligations that would apply to trust arrangements
DIFC Trust Law No. 4 of 2018: Specific legislation governing the creation, validity, and administration of trusts in the Dubai International Financial Centre, including trustee duties and beneficiary rights
UAE Federal Law No. 20 of 2018 (Anti-Money Laundering Law): Relevant for trust arrangements to ensure compliance with AML regulations and proper documentation of trust assets and beneficiaries
DIFC Law No. 1 of 2004 (Property Law): Governs property rights and interests within the DIFC, relevant when trust property includes real estate or other physical assets
UAE Federal Law No. 2 of 2015 (Commercial Companies Law): Important when trust arrangements involve commercial entities or business assets
UAE Federal Law No. 10 of 1980 (Central Bank Law): Relevant for trusts involving financial assets or banking arrangements within the UAE
DIFC Law No. 13 of 2004 (Recognition of Trusts Law): Provides for the recognition and enforcement of foreign trusts within the DIFC 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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