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Life Trust Deed

Life Trust Deed Template for Ireland

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Key Requirements PROMPT example:

Life Trust Deed

"I need a Life Trust Deed to establish a trust for my property portfolio and investment assets, with specific provisions for discretionary distribution among my three adult children and their future offspring, including detailed investment guidelines for the trustees and the appointment of a professional trust protector."

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Document background
The Life Trust Deed is a vital instrument in Irish estate planning and wealth management, used when individuals wish to establish a trust structure during their lifetime rather than through their will. This document is particularly relevant when there's a need for sophisticated asset management, tax planning, or protection of family interests. A Life Trust Deed includes comprehensive provisions for trust administration, trustee powers, beneficiary rights, and asset management, all structured within the framework of Irish trust law and related legislation. The document is essential for situations requiring long-term asset protection, family wealth preservation, or specific arrangements for beneficiaries with special needs. It must comply with Irish trust law principles, succession rules, and tax regulations, making it a complex but valuable tool for estate planning.
Suggested Sections

1. Parties: Identifies the Settlor(s), the Trustee(s), and references to the Beneficiaries

2. Background: Sets out the context and intention to create the trust

3. Definitions: Defines key terms used throughout the deed including 'Trust Property', 'Trust Period', 'Beneficiaries', etc.

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

5. Trust Powers: Details the specific powers granted to the trustees in managing the trust

6. Administrative Provisions: Sets out the administrative procedures for managing the trust

7. Beneficiary Provisions: Specifies the rights and entitlements of beneficiaries

8. Trustee Provisions: Details trustee appointment, retirement, and removal procedures

9. Trust Period: Defines the duration of the trust and any termination conditions

10. Governing Law and Jurisdiction: Confirms Irish law as governing law and jurisdiction

Optional Sections

1. Protector Provisions: Include when a trust protector is appointed to provide additional oversight

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

3. Investment Provisions: Include when specific investment powers or restrictions are required beyond statutory powers

4. Conflict Resolution: Include when specific dispute resolution procedures are desired

5. Foreign Asset Provisions: Include when trust includes assets located outside Ireland

6. Special Needs Provisions: Include when any beneficiaries have special needs or requirements

7. Tax Planning Provisions: Include when specific tax planning mechanisms are incorporated

Suggested Schedules

1. Schedule 1 - Trust Property: Detailed list and description of initial trust assets

2. Schedule 2 - Beneficiaries: Full details of all beneficiaries and their respective interests

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

4. Schedule 4 - Administrative Provisions: Detailed administrative procedures and requirements

5. Appendix A - Letter of Wishes: Non-binding memorandum from settlor providing guidance to trustees

6. Appendix B - Investment Guidelines: Detailed investment parameters and restrictions

7. Appendix C - Fee Schedule: Schedule of trustee fees and expense arrangements

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
Trust
Trust Property
Trust Fund
Trust Period
Settlor
Trustees
Original Trustees
Beneficiaries
Discretionary Beneficiaries
Default Beneficiaries
Protector
Appointment Date
Perpetuity Period
Accumulation Period
Vesting Day
Distribution Date
Trust Powers
Administrative Powers
Investment Powers
Proper Law
Accounting Period
Trust Deed
Trust Documents
Trust Income
Trust Capital
Excluded Person
Financial Year
Minor
Person of Full Age
Incapacitated Person
Legal Personal Representative
Letter of Wishes
Delegation
Power of Appointment
Revocation Power
Variation Power
Investment Adviser
Professional Trustee
Retirement Date
Successor Trustee
Tax Year
Working Day
Clauses
Trust Declaration
Trust Property Transfer
Trustee Appointment
Trustee Removal
Trustee Powers
Investment Powers
Distribution Powers
Administrative Powers
Beneficiary Rights
Beneficiary Entitlements
Trust Duration
Trust Termination
Perpetuity Provisions
Accumulation Provisions
Delegation Authority
Indemnification
Trustee Remuneration
Record Keeping
Accounting Requirements
Tax Compliance
Amendment Powers
Revocation Powers
Governing Law
Dispute Resolution
Severability
Protector Provisions
Foreign Asset Management
Trustee Liability
Confidentiality
Execution Requirements
Relevant Industries

Legal Services

Financial Services

Wealth Management

Private Banking

Estate Planning

Tax Advisory

Insurance

Property Management

Relevant Teams

Legal

Wealth Management

Private Client Services

Trust Administration

Estate Planning

Tax Advisory

Compliance

Private Banking

Relevant Roles

Trust Lawyer

Estate Planning Attorney

Private Wealth Manager

Tax Advisor

Trust Administrator

Financial Planner

Legal Counsel

Private Client Advisor

Trust Officer

Estate Planning Consultant

Probate Specialist

Wealth Planning Manager

Industries
Succession Act 1965: Fundamental legislation governing inheritance and succession in Ireland, including provisions that affect trust arrangements and their interaction with succession rights
Land and Conveyancing Law Reform Act 2009: Contains important provisions regarding trust property, trustee powers, and the creation and operation of trusts over land
Trustee Act 1893: Sets out the basic powers and duties of trustees, including investment powers and responsibilities
Capital Acquisitions Tax Consolidation Act 2003: Governs the taxation of trust assets and benefits, including inheritance tax and gift tax implications for trust arrangements
Charities Act 2009: Relevant if the trust has charitable elements or purposes, setting out regulatory requirements and governance standards
Registration of Title Act 1964: Important for trusts involving real property, governing the registration of land and interests in land
Taxes Consolidation Act 1997: Contains provisions regarding the taxation of trust income and gains, and reporting requirements for trustees
Assisted Decision-Making (Capacity) Act 2015: Relevant for determining capacity of settlors and beneficiaries, and for trustees dealing with beneficiaries who may lack capacity
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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