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Joint Revocable Trust Agreement

Joint Revocable Trust Agreement Template for England and Wales

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Key Requirements PROMPT example:

Joint Revocable Trust Agreement

"Need a Joint Revocable Trust Agreement for my spouse and me to manage our London property portfolio and investments, with specific provisions for our three children as beneficiaries and my brother as the successor trustee."

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Document background
The Joint Revocable Trust Agreement is primarily utilized when two individuals, often married couples or life partners, wish to create a unified trust structure for their combined assets while maintaining flexibility and control during their lifetimes. This document, governed by England and Wales law, establishes the trust's terms, beneficiary rights, trustee powers, and distribution provisions. It serves as a comprehensive estate planning tool, particularly valuable for those with substantial assets or complex family situations. The agreement typically includes provisions for asset management, succession planning, and potential tax efficiency, while ensuring compliance with UK trust law and registration requirements.
Suggested Sections

1. Parties: Identifies settlors, trustees, and beneficiaries with their full legal names and addresses

2. Background: Explains purpose of the trust creation, context, and general intentions of the settlors

3. Definitions: Defines key terms used throughout the agreement including Trust Property, Beneficiaries, Distribution Date, etc.

4. Trust Creation: Establishes the trust, declares the transfer of initial property, and states trust purpose and duration

5. Trustee Powers: Comprehensive list of powers granted to trustees including investment, distribution, and administration powers

6. Distribution Provisions: Details how and when trust assets are to be distributed among beneficiaries

7. Amendment and Revocation: Procedures for modifying or revoking the trust, including required formalities

8. Administrative Provisions: General provisions for trust administration, record-keeping, and reporting requirements

9. Governing Law: Specifies England and Wales as governing law and jurisdiction

Optional Sections

1. Successor Trustees: Appointment process and procedures for replacement trustees when original trustees cannot serve

2. Trust Protector Provisions: Establishes role of trust protector for additional oversight, if desired

3. Spendthrift Provisions: Protective provisions preventing beneficiaries from alienating their interests and protecting against creditors

4. Tax Planning Provisions: Specific provisions designed to optimize tax treatment of trust assets and distributions

5. Digital Assets: Provisions for handling digital assets and online accounts held in trust

Suggested Schedules

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

2. Schedule 2 - Named Beneficiaries: List of beneficiaries with their respective interests and entitlements

3. Schedule 3 - Investment Guidelines: Investment parameters and restrictions for trustees

4. Schedule 4 - Trustee Remuneration: Details of any agreed compensation for trustees' services

5. Appendix A - Trust Registration Requirements: Checklist and requirements for registration with Trust Registration Service

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
Clauses
Trust Creation
Trust Property
Trustee Appointment
Trustee Powers
Trustee Duties
Investment Powers
Distribution
Revocation Rights
Amendment Rights
Successor Trustees
Trust Administration
Beneficiary Rights
Income Distribution
Capital Distribution
Trust Protection
Accounting and Reports
Delegation
Trustee Remuneration
Liability and Indemnification
Trust Termination
Governing Law
Severability
Registration Requirements
Perpetuity Period
Notices
Conflicts of Interest
Tax Provisions
Death or Incapacity
Asset Management
Spendthrift Provisions
Relevant Industries
Relevant Teams
Relevant Roles
Industries

Trustee Act 1925: Fundamental legislation defining trustee powers and duties, investment powers, and procedures for appointment and retirement of trustees

Trustee Act 2000: Modern update to trust law covering trustee duty of care, investment powers, delegation authority, and trustee remuneration

Law of Property Act 1925: Governs trust property matters, legal estates and interests, and land ownership within trusts

Money Laundering Regulations (Trust Registration Service): Establishes requirements for trust registration and ongoing reporting obligations through the Trust Registration Service

Three Certainties (Knight v Knight 1840): Common law principle establishing the three required certainties for valid trusts: intention, subject matter, and objects

Inheritance Tax Act 1984: Tax legislation governing inheritance tax implications for trusts and trust assets

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

Capital Gains Tax Legislation: Tax provisions governing capital gains tax implications for trust assets and disposals

Mental Capacity Act 2005: Legislation relevant for assessing settlor capacity and guiding trustee decisions regarding mentally incapacitated beneficiaries

Perpetuities and Accumulations Act 2009: Establishes rules against perpetuities and regulates accumulation periods for trusts

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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