Declaration Of Revocable Trust Template for England and Wales

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Key Requirements PROMPT example:

Declaration Of Revocable Trust

"I need a Declaration of Revocable Trust to establish a trust for my investment portfolio worth £2M, with my three adult children as beneficiaries, while retaining control during my lifetime and the ability to add future grandchildren as beneficiaries."

Document background
A Declaration of Revocable Trust is commonly used in England and Wales for estate planning and asset management purposes. This document enables individuals to create a flexible trust structure while maintaining control over their assets during their lifetime. It's particularly useful for those who want to establish clear asset management frameworks while retaining the ability to make changes as circumstances evolve. The declaration includes detailed provisions about trust administration, beneficiary rights, trustee powers, and modification procedures, all compliant with English trust law principles.
Suggested Sections

1. Declaration: Formal statement creating the trust

2. Parties: Details of settlor and trustees

3. Definitions: Key terms used in the trust deed

4. Trust Property: Description of assets placed in trust

5. Beneficiaries: Identity and rights of beneficiaries

6. Trustee Powers: Scope of trustees' authority

7. Amendment and Revocation: Powers to modify or terminate trust

Optional Sections

1. Investment Powers: Specific investment guidelines, used when trust includes financial assets

2. Successor Trustees: Provisions for replacement trustees, used in longer-term trusts

3. Spendthrift Provisions: Protections against beneficiary creditors, used when asset protection is needed

4. Distribution Instructions: Specific rules for distributions, used for complex beneficiary arrangements

Suggested Schedules

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

2. Schedule 2: Initial Trustees: Details of appointed trustees and their contact information

3. Schedule 3: Beneficiary Details: Full information about beneficiaries and their entitlements

4. Schedule 4: Investment Guidelines: Specific investment parameters and restrictions

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

Clauses
Industries

Trustee Act 1925: Primary legislation that defines trustee powers and duties, sets out administrative provisions, and establishes investment powers for trustees

Trustee Act 2000: Modern legislation that updates trustee investment powers, establishes duty of care requirements, and covers delegation of trustees' functions

Law of Property Act 1925: Deals with formalities required for creation of trusts and covers fundamental property rights and interests

Trusts of Land and Appointment of Trustees Act 1996: Specifically addresses trusts involving land and outlines trustees' powers regarding land (TOLATA)

Perpetuities and Accumulations Act 2009: Governs time limits on trust duration and contains rules against perpetuities

Mental Capacity Act 2005: Addresses requirements for settlor's capacity and provides framework for future trustee decisions regarding mental capacity

Financial Services and Markets Act 2000: Relevant legislation for investment provisions within trusts

Inheritance Tax Act 1984: Key legislation governing inheritance tax implications of trust arrangements

Income Tax Act 2007: Determines income tax treatment of trust income and distributions

Taxation of Chargeable Gains Act 1992: Governs capital gains tax treatment of trust assets and disposals

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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