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Trust Declaration Form

Trust Declaration Form Template for Australia

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Key Requirements PROMPT example:

Trust Declaration Form

"I need a Trust Declaration Form for a family discretionary trust to be established by March 2025, with provisions for streaming different types of income and specific powers for a corporate trustee."

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Document background
The Trust Declaration Form is a vital legal instrument used in Australian jurisdictions to formally establish and document trust arrangements. This document is essential when creating various types of trusts, including family trusts, charitable trusts, unit trusts, or discretionary trusts. It contains critical information about the trust structure, including the settlement of trust property, appointment of trustees, identification of beneficiaries, and comprehensive provisions for trust administration. The document must comply with Australian trust law principles, relevant state legislation, and federal tax regulations. Trust Declaration Forms are commonly used for asset protection, estate planning, tax planning, and charitable purposes, providing a clear framework for the management and distribution of trust assets while ensuring legal compliance and protection for all parties involved.
Suggested Sections

1. Parties: Identifies the Settlor and initial Trustee(s), including their full legal names and addresses

2. Background: Recitals explaining the context and intention to create the trust

3. Definitions: Defines key terms used throughout the deed for clarity and legal certainty

4. Declaration of Trust: Formal declaration establishing the trust and confirming the trustee's acceptance of the trust property

5. Trust Name: Specifies the official name of the trust

6. Trust Property: Describes the initial trust property or settlement sum

7. Beneficiaries: Identifies and defines the class of beneficiaries who may benefit from the trust

8. Trustee Powers: Comprehensive list of powers granted to the trustees in managing the trust

9. Distribution Provisions: Rules governing how and when trust income and capital may be distributed

10. Trust Duration: Specifies the term of the trust and vesting date

11. Trustee Provisions: Rules for appointment, retirement, and removal of trustees

12. Administrative Provisions: General provisions for trust administration and trustee meetings

13. Governing Law: Specifies that the trust is governed by Australian law and the relevant jurisdiction

14. Execution: Formal execution clause and signing requirements

Optional Sections

1. Unit Holder Provisions: Required for unit trusts, defining unit holder rights and unit transfer procedures

2. Charitable Purposes: Required for charitable trusts, defining the charitable purposes and beneficiary organizations

3. Investment Strategy: Detailed investment parameters and restrictions, recommended for larger trusts

4. Foreign Income Provisions: Required when the trust is expected to receive foreign income

5. Corporate Trustee Provisions: Additional provisions when a company acts as trustee

6. Family Trust Election: Specific provisions for family trusts making a family trust election for tax purposes

7. Streaming Provisions: Provisions allowing streaming of different types of income to different beneficiaries

8. Amendment Powers: Specific powers to amend the trust deed, if desired

Suggested Schedules

1. Schedule 1 - Initial Trust Property: Detailed description of all property initially settled in the trust

2. Schedule 2 - Named Beneficiaries: List of specifically named beneficiaries and their details

3. Schedule 3 - Trustee Powers: Comprehensive list of specific powers granted to trustees

4. Schedule 4 - Trustee Remuneration: Details of any agreed trustee remuneration or compensation

5. Appendix A - Execution Requirements: Specific requirements for executing trust documents and making trustee decisions

6. Appendix B - Meeting Procedures: Procedures for trustee meetings and decision-making processes

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
Appointor
Assets
Authorised Investments
Beneficiaries
Capital
Commencement Date
Corporate Trustee
Default Beneficiaries
Distribute
Distribution Date
Eligible Beneficiaries
Events of Default
Financial Year
Foreign Income
Income
Initial Sum
Investment Strategy
Law
Net Income
Primary Beneficiaries
Principal
Relative
Resolution
Secondary Beneficiaries
Settlement Sum
Settled Property
Settlor
Specified Beneficiaries
Trust
Trust Deed
Trust Fund
Trust Income
Trust Period
Trust Property
Trustee
Unit Holder
Units
Variation
Vesting Date
Clauses
Trust Establishment
Trust Property
Appointment of Trustee
Trustee Powers
Trustee Duties
Beneficiary Rights
Income Distribution
Capital Distribution
Investment Powers
Administrative Powers
Amendment Powers
Termination
Perpetuity Period
Trustee Remuneration
Trustee Indemnity
Beneficiary Exclusion
Trust Records
Accounting Requirements
Tax Provisions
Foreign Income
Asset Management
Delegation Powers
Conflict Resolution
Governing Law
Succession Planning
Meeting Procedures
Execution Requirements
Variation Powers
Vesting Provisions
Distribution Powers
Relevant Industries

Financial Services

Legal Services

Wealth Management

Estate Planning

Private Banking

Charitable Organizations

Real Estate

Family Business

Investment Management

Tax Advisory

Philanthropy

Relevant Teams

Legal

Wealth Management

Trust Administration

Compliance

Tax Advisory

Estate Planning

Private Banking

Risk Management

Corporate Services

Investment Management

Relevant Roles

Trust Administrator

Estate Planning Lawyer

Private Wealth Manager

Tax Advisor

Financial Planner

Trust Account Manager

Legal Counsel

Compliance Officer

Property Manager

Investment Advisor

Family Office Manager

Philanthropic Advisor

Corporate Trustee Officer

Trust Operations Manager

Private Client Advisor

Industries
Trustee Act 1925: Primary legislation governing the appointment, duties, powers and liabilities of trustees in Australia. Provides the fundamental framework for trust administration.
Income Tax Assessment Act 1997: Federal legislation covering the taxation of trust income, distributions to beneficiaries, and tax treatment of various types of trusts.
Tax Administration Act 1953: Outlines the administrative framework for taxation of trusts, including reporting requirements and trustee obligations.
Anti-Money Laundering and Counter-Terrorism Financing Act 2006: Specifies compliance requirements for trusts regarding identity verification and reporting of suspicious transactions.
Property Law Act: State-based legislation governing property ownership and transfer within trusts, including requirements for trust property management.
Succession Act: State-based legislation relevant for trust declarations that form part of estate planning, including rules about perpetuities and accumulation.
Family Law Act 1975: Federal legislation that may impact trust arrangements, particularly in family situations or relationship breakdowns.
Corporations Act 2001: Relevant when the trustee is a corporate entity or when trust assets include corporate securities.
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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