Trust Settlement Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Trust Settlement Agreement

"I need a Trust Settlement Agreement for a family business succession plan in Hong Kong, where company shares will be held in trust for my three children, with specific provisions for professional trustees and a protector to oversee the trust until the youngest child turns 25 in March 2025."

Document background

A Trust Settlement Agreement is a crucial legal instrument used in Hong Kong for establishing formal trust arrangements. This document is essential when individuals or entities wish to transfer assets to be managed by trustees for the benefit of specified beneficiaries. It's commonly used in estate planning, family wealth management, charitable purposes, and corporate structuring. The agreement must comply with Hong Kong's trust laws, particularly the Trustee Ordinance (Cap. 29) and the Perpetuities and Accumulations Ordinance (Cap. 257). It contains detailed provisions regarding trust property, trustee powers and duties, beneficiary rights, trust administration procedures, and distribution mechanisms. The document is particularly relevant in Hong Kong's financial center context, where trusts are frequently used for international asset management and succession planning.

Suggested Sections

1. Parties: Identifies the Settlor, Trustee(s), and any Protector or Enforcer of the trust

2. Background: Sets out the context and purpose of the trust settlement

3. Definitions: Defines key terms used throughout the agreement

4. Declaration of Trust: Formal establishment of the trust and transfer of assets to trustees

5. Trust Property: Detailed description of the initial trust assets and provisions for additions

6. Beneficiaries: Identifies the beneficiaries and their respective interests

7. Powers of Trustees: Comprehensive list of trustees' powers in managing the trust

8. Duties of Trustees: Obligations and responsibilities of the trustees

9. Trust Administration: Procedures for managing the trust, including meetings and decision-making

10. Distribution Provisions: Rules governing how and when trust assets can be distributed

11. Trust Period: Duration of the trust and termination provisions

12. Governing Law and Jurisdiction: Confirms Hong Kong law as governing law and jurisdiction

13. Execution: Signature blocks and execution formalities

Optional Sections

1. Protector Provisions: Include when a protector is appointed to oversee certain trustee actions

2. Letter of Wishes: Include when the settlor wishes to provide non-binding guidance to trustees

3. Change of Trustees: Include detailed provisions for trustee retirement and appointment when requested

4. Investment Provisions: Include specific investment powers and restrictions beyond statutory provisions

5. Charitable Purposes: Include when the trust has charitable elements or purposes

6. Foreign Element Provisions: Include when trust has international aspects or foreign beneficiaries

7. Trust Company Provisions: Include when a corporate trustee is appointed

8. Arbitration Clause: Include when parties want disputes resolved through arbitration

Suggested Schedules

1. Schedule 1: Initial Trust Property: Detailed inventory of assets initially settled into the trust

2. Schedule 2: Trustee Powers: Comprehensive list of specific powers granted to trustees

3. Schedule 3: Trustee Remuneration: Details of trustee fees and reimbursement provisions

4. Schedule 4: Administrative Provisions: Detailed procedures for trust administration

5. Schedule 5: Beneficiary Schedule: Full details of beneficiaries and their respective interests

6. Appendix A: Letter of Wishes: Non-binding memorandum from settlor regarding trust administration

7. Appendix B: Investment Guidelines: Detailed investment parameters and restrictions

8. Appendix C: Deed of Retirement and Appointment: Template for future trustee changes

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Wealth Management

Private Banking

Legal Services

Estate Planning

Family Office

Corporate Services

Trust Services

Asset Management

Private Equity

Real Estate

Insurance

Relevant Teams

Legal

Compliance

Wealth Management

Trust Administration

Private Banking

Estate Planning

Risk Management

Corporate Services

Client Relations

Financial Advisory

Trust Operations

Asset Management

Relevant Roles

Trust Manager

Private Banker

Wealth Manager

Legal Counsel

Trust Administrator

Compliance Officer

Estate Planner

Tax Advisor

Financial Advisor

Corporate Trustee

Trust Officer

Relationship Manager

Family Office Manager

Asset Manager

Risk Manager

Trust Operations Manager

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