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Revocable Declaration Of Trust

Revocable Declaration Of Trust Template for Canada

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Key Requirements PROMPT example:

Revocable Declaration Of Trust

"I need a Revocable Declaration of Trust to manage my family cottage and investment portfolio, with my three adult children as beneficiaries and my eldest child as successor trustee, ensuring equal distribution of income while maintaining my right to modify the trust during my lifetime."

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Document background
The Revocable Declaration of Trust is essential in Canadian estate planning and wealth management, used when individuals wish to create a flexible trust structure while maintaining control over their assets during their lifetime. This document is particularly relevant in situations where the settlor wants to establish a trust that can be modified or revoked as circumstances change, while still providing a framework for asset management and distribution. It must comply with both federal tax laws and provincial trust legislation, making it crucial to incorporate jurisdiction-specific requirements. The document typically includes detailed provisions for trust administration, beneficiary rights, trustee powers, and succession planning, making it a valuable tool for comprehensive estate planning in Canada.
Suggested Sections

1. Declaration: Formal statement establishing the trust and identifying the Settlor

2. Definitions and Interpretation: Defines key terms used throughout the document and interpretation rules

3. Trust Property: Detailed description of the initial trust property and provisions for additions

4. Appointment of Trustees: Names the initial trustee(s) and establishes the process for successor trustees

5. Powers of Revocation: Details the Settlor's right to revoke or amend the trust

6. Distribution Provisions: Specifies how trust income and capital are to be distributed

7. Trustee Powers: Comprehensive list of powers granted to trustees for trust administration

8. Trustee Duties and Responsibilities: Outlines the obligations and responsibilities of trustees

9. Administrative Provisions: Details regarding trust administration, including accounting and reporting requirements

10. Beneficiary Rights: Specifies the rights and interests of beneficiaries

11. Governing Law and Jurisdiction: Specifies applicable law and jurisdiction for trust administration

Optional Sections

1. Successor Beneficiaries: Used when there's a need to specify alternative beneficiaries if primary beneficiaries predecease

2. Investment Guidelines: Included when specific investment restrictions or guidelines are needed

3. Tax Planning Provisions: Added when specific tax planning strategies are part of the trust purpose

4. Incapacity Provisions: Used when specific provisions for settlor or beneficiary incapacity are required

5. Spendthrift Provisions: Added to protect beneficiaries' interests from creditors

6. Corporate Trustee Provisions: Included when a corporate trustee is appointed or may be appointed

7. Conflict Resolution: Added when specific dispute resolution procedures are desired

Suggested Schedules

1. Schedule A - Initial Trust Property: Detailed inventory and description of initial trust assets

2. Schedule B - Beneficiary Information: Complete details of beneficiaries including contact information

3. Schedule C - Trustee Compensation: Details of trustee compensation structure and payment terms

4. Schedule D - Investment Policy Statement: Detailed investment guidelines and restrictions

5. Appendix 1 - Trustee Powers: Comprehensive list of specific powers granted to trustees

6. Appendix 2 - Administrative Procedures: Detailed procedures for trust administration and record-keeping

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
Trust
Trust Property
Initial Trust Property
Additional Trust Property
Settlor
Trustee
Successor Trustee
Primary Beneficiary
Secondary Beneficiary
Contingent Beneficiary
Trust Income
Trust Capital
Distribution Date
Vesting Date
Power of Revocation
Trust Period
Incapacity
Legal Representative
Trust Documents
Governing Law
Tax Year
Income Tax Act
Investment Powers
Administrative Powers
Trust Administration Expenses
Trust Accounting Period
Descendant
Issue
Spouse
Common-law Partner
Minor
Age of Majority
Net Income
Accumulated Income
Capital Gains
Distribution
Encumbrance
Financial Institution
Professional Advisor
Corporate Trustee
Clauses
Declaration of Trust
Interpretation
Trust Property
Trust Duration
Revocation Rights
Amendment Powers
Trustee Appointment
Trustee Removal
Trustee Succession
Trustee Powers
Trustee Duties
Trustee Compensation
Investment Authority
Distribution Powers
Income Distribution
Capital Distribution
Beneficiary Rights
Beneficiary Succession
Administrative Provisions
Record Keeping
Accounting Requirements
Tax Provisions
Liability and Indemnification
Delegation Powers
Decision Making
Conflict Resolution
Governing Law
Severability
Perpetuities Compliance
Trust Termination
Relevant Industries

Financial Services

Legal Services

Wealth Management

Private Banking

Estate Planning

Tax Advisory

Investment Management

Family Office Services

Professional Services

Real Estate

Relevant Teams

Legal

Wealth Management

Private Banking

Compliance

Risk Management

Trust Administration

Estate Planning

Tax Advisory

Investment Management

Client Services

Relevant Roles

Estate Planning Attorney

Trust Officer

Private Client Lawyer

Wealth Manager

Financial Planner

Tax Advisor

Trust Administrator

Private Banking Manager

Estate Planning Consultant

Compliance Officer

Family Office Manager

Trust Account Manager

Portfolio Manager

Legal Counsel

Risk Management Officer

Industries
Income Tax Act (Federal): Governs the taxation of trusts in Canada, including tax treatment of trust income, distributions to beneficiaries, and specific rules for revocable trusts
Trustee Act: Provincial legislation that outlines trustees' powers, duties, and responsibilities, including investment powers and administrative obligations
Provincial Estate Administration Acts: Relevant for understanding how the trust interacts with estate planning and administration, particularly important for revocable trusts that may become part of estate planning
Provincial Property Law Acts: Governs how property can be held in trust and transferred, including rules about legal and beneficial ownership
Financial Services and Markets Acts: Relevant when trust assets include investments or financial products, governing how trustees can invest and manage trust assets
Perpetuities Act: Provincial legislation that governs the maximum duration of trusts and ensuring they don't violate the rule against perpetuities
Proceeds of Crime (Money Laundering) and Terrorist Financing Act: Federal legislation relevant for trust creation and administration, particularly regarding verification of settlor identity and source of funds
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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