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Declaration Of Living Trust

Declaration Of Living Trust Template for Australia

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Key Requirements PROMPT example:

Declaration Of Living Trust

"I need a Declaration of Living Trust to be drafted under Australian law for managing my investment portfolio and real estate assets, with provisions for quarterly distributions to my three adult children and specific clauses for sustainable investment requirements."

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Document background
The Declaration of Living Trust is a vital estate planning tool in Australia, used to create an inter vivos trust that operates during the settlor's lifetime. This document is particularly relevant when individuals or entities seek to establish a structured arrangement for asset management, protection, and distribution. It details the transfer of assets to trustees, specifies beneficiary rights, outlines trustee powers and obligations, and includes provisions for trust administration and succession - all within the framework of Australian trust law and state-specific legislation. The declaration is commonly used for family wealth management, business succession planning, asset protection, and tax-efficient distribution of wealth, providing a flexible alternative to traditional will-based estate planning.
Suggested Sections

1. Trust Declaration: Formal declaration establishing the trust, including the date of creation and the trust's name

2. Parties: Identification of the settlor(s), trustee(s), and initial beneficiaries with their full legal names and addresses

3. Definitions and Interpretation: Definitions of key terms used throughout the document and rules for interpretation

4. Trust Property: Description of the initial trust property/assets being placed in trust

5. Trust Purpose and Duration: Statement of the trust's purpose and intended duration or termination conditions

6. Trustee Powers: Comprehensive list of powers granted to trustees in managing and administering the trust

7. Trustee Duties and Responsibilities: Detailed outline of trustee obligations, including investment, reporting, and administrative duties

8. Beneficiary Rights: Description of beneficiary entitlements, distribution rules, and conditions

9. Distribution Provisions: Rules and procedures for income and capital distributions to beneficiaries

10. Trust Administration: General administrative provisions including meeting procedures, record-keeping requirements, and decision-making processes

11. Amendment and Revocation: Provisions for modifying trust terms and conditions for trust revocation

12. Successor Trustees: Process for appointing replacement trustees and circumstances requiring such appointments

Optional Sections

1. Spendthrift Provisions: Protection of beneficiary interests from creditors and preventing assignment of interests

2. Special Needs Provisions: Specific provisions for beneficiaries with disabilities or special requirements

3. Business Operation Provisions: Specific provisions for trusts holding business interests or operating business enterprises

4. Investment Guidelines: Detailed investment policies and restrictions beyond standard trustee investment powers

5. Tax Planning Provisions: Specific provisions designed to optimize tax treatment of the trust

6. Foreign Asset Provisions: Special provisions for handling international assets or beneficiaries

7. Digital Asset Provisions: Provisions for handling digital assets and online accounts

8. Charitable Giving Provisions: Provisions for charitable donations or establishing charitable purposes within the trust

9. Family Law Protection: Additional provisions to protect trust assets in case of relationship breakdowns

10. Alternative Dispute Resolution: Procedures for resolving disputes without court intervention

Suggested Schedules

1. Schedule A - Initial Trust Property: Detailed inventory of all assets initially transferred to the trust

2. Schedule B - Beneficiary Details: Complete list of beneficiaries with their details and respective entitlements

3. Schedule C - Distribution Framework: Specific framework or formula for trust distributions

4. Schedule D - Trustee Remuneration: Details of trustee compensation and expense reimbursement arrangements

5. Schedule E - Investment Policy Statement: Detailed investment guidelines and restrictions

6. Appendix 1 - Trustee Acceptance: Formal acceptance of appointment by initial trustees

7. Appendix 2 - Settlor's Letter of Wishes: Non-binding guidance from the settlor regarding trust administration

8. Appendix 3 - Compliance Checklist: Checklist of ongoing compliance requirements and important dates

9. Appendix 4 - Contact Information: Contact details for all relevant parties, advisors, and professionals

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 legal definitions
Trust
Trust Property
Trust Fund
Settlor
Trustee
Initial Trustee
Successor Trustee
Trust Protector
Beneficiary
Primary Beneficiary
Secondary Beneficiary
Contingent Beneficiary
Distribution
Income
Capital
Net Income
Accumulation Period
Vesting Date
Trust Period
Financial Year
Tax Year
Accounting Period
Trust Deed
Appointor
Principal Place of Administration
Governing Law
Property
Real Property
Personal Property
Investment
Authorised Investment
Business Day
Incapacity
Legal Personal Representative
Power of Appointment
Revocation
Amendment
Termination Date
Distribution Date
Trust Account
Trust Records
Proper Law
Minor
Adult
Family Member
Spouse
Child
Issue
Descendant
Related Entity
Associated Entity
Controlled Entity
Security Interest
Encumbrance
Force Majeure
Notice
Resolution
Special Resolution
Unanimous Resolution
Clauses
Trust Creation
Trust Property
Trust Duration
Trustee Appointment
Trustee Powers
Trustee Duties
Trustee Remuneration
Beneficiary Rights
Income Distribution
Capital Distribution
Investment Powers
Administrative Powers
Trust Protector
Amendment Powers
Revocation Powers
Successor Trustees
Resignation and Removal
Asset Management
Decision Making
Record Keeping
Accounting Requirements
Tax Provisions
Dispute Resolution
Governing Law
Severability
Termination
Distribution on Termination
Perpetuity Period
Spendthrift Provisions
Asset Protection
Incapacity Provisions
Foreign Asset Handling
Digital Asset Management
Interpretation Rules
Notice Requirements
Indemnification
Liability Limitations
Delegation Powers
Compliance Requirements
Confidentiality
Relevant Industries

Financial Services

Legal Services

Wealth Management

Estate Planning

Real Estate

Investment Management

Private Banking

Family Office Services

Professional Services

Tax Advisory

Asset Management

Relevant Teams

Legal

Wealth Management

Estate Planning

Trust Administration

Private Client Services

Tax Advisory

Asset Management

Financial Planning

Family Office

Risk Management

Relevant Roles

Estate Planning Attorney

Trust Lawyer

Wealth Manager

Financial Planner

Tax Advisor

Trust Administrator

Private Client Advisor

Family Office Manager

Estate Planning Consultant

Trust Officer

Probate Lawyer

Succession Planning Specialist

Asset Protection Lawyer

Trust Account Manager

Family Wealth Advisor

Industries
Trustee Act 1925 (NSW) and equivalent state Acts: Primary legislation governing the creation, administration, and duties of trustees in Australia. Sets out trustee powers, responsibilities, and beneficiary rights.
Income Tax Assessment Act 1936: Governs the taxation of trust income and distributions to beneficiaries, including special provisions for various types of trusts.
Income Tax Assessment Act 1997: Contains modern tax provisions affecting trusts, including capital gains tax treatment and trust loss provisions.
Tax Administration Act 1953: Sets out administrative requirements for trusts including TFN quotation, reporting obligations, and assessment procedures.
Property Law Act (State-specific): Governs the transfer and holding of property by trustees, including real estate and other assets held in trust.
Succession Act (State-specific): Relevant for how the trust interacts with wills and estates, particularly important for testamentary trusts and death benefits.
Family Law Act 1975: Important for considering how trust assets may be treated in family law proceedings and relationship breakdowns.
Corporations Act 2001: Relevant when the trust involves corporate trustees or investments in corporate entities.
Australian Consumer Law: Applicable when trust activities involve consumer transactions or business dealings.
Anti-Money Laundering and Counter-Terrorism Financing Act 2006: Relevant for compliance requirements when trust involves significant financial transactions or investments.
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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