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Declaration Of Bare Trust

Declaration Of Bare Trust Template for South Africa

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Key Requirements PROMPT example:

Declaration Of Bare Trust

"I need a Declaration of Bare Trust for my residential property in Cape Town, where I'll be the beneficiary and my lawyer will act as trustee, with the arrangement to commence from March 1, 2025, ensuring full beneficial rights remain with me while legal title is held by the trustee."

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Document background
The Declaration of Bare Trust is a crucial document in South African trust law, used when there is a need to separate legal and beneficial ownership of property or assets. This arrangement is commonly employed in property transactions, family asset planning, and business structuring where simplified trust arrangements are desired. The document explicitly establishes that the trustee holds only legal title while the beneficiary retains complete control and beneficial ownership of the trust property. Governed by South African legislation, particularly the Trust Property Control Act, this declaration must comply with specific legal requirements while maintaining the characteristic simplicity of a bare trust arrangement. The document is particularly useful in situations requiring nominal property holding, temporary asset protection, or simplified trust structures where active trustee duties are not required or desired.
Suggested Sections

1. Parties: Identification of the Trustee(s) and Beneficiary(ies) with full legal names and addresses

2. Background: Context of the bare trust arrangement and purpose of the declaration

3. Definitions: Definitions of key terms used in the declaration

4. Declaration of Trust: Formal declaration that the property is held in bare trust

5. Trust Property: Detailed description of the property held in trust

6. Nature of Bare Trust: Explicit statement that this is a bare trust arrangement with no active duties

7. Rights and Powers of Beneficiary: Statement of the beneficiary's absolute beneficial ownership and control

8. Trustee Obligations: Limited obligations of the trustee in holding legal title

9. Execution: Signature blocks and execution requirements

Optional Sections

1. Trustee Succession: Used when specific provisions for replacement of trustees are required

2. Tax Declarations: Include when specific tax positions need to be documented

3. Multiple Beneficiaries: Required when there is more than one beneficiary to specify their respective interests

4. Governing Law: Include when there are cross-border elements or specific jurisdiction needs to be confirmed

5. Costs and Expenses: Include when there are specific arrangements for handling trust-related expenses

6. Termination: Include when specific termination provisions are needed beyond standard law

Suggested Schedules

1. Schedule 1 - Trust Property Description: Detailed description of all property held in trust, including any relevant registration numbers or identifying details

2. Schedule 2 - Trustee Declarations: Specific declarations required from trustees confirming their role and understanding

3. Schedule 3 - Beneficiary Confirmations: Specific confirmations from beneficiaries regarding their rights and understanding

4. Appendix A - Copy of Trust Property Title: Copies of relevant title documents or registration certificates

5. Appendix B - Identity Documents: Copies of identification documents for all parties as required by FICA regulations

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 Industries

Real Estate

Financial Services

Legal Services

Private Wealth Management

Property Development

Asset Management

Banking

Investment Services

Family Office Services

Professional Services

Relevant Teams

Legal

Compliance

Trust Administration

Property Management

Wealth Management

Corporate Services

Risk Management

Estate Planning

Asset Administration

Financial Advisory

Relevant Roles

Trust Administrator

Legal Counsel

Property Manager

Estate Planner

Wealth Manager

Trust Officer

Compliance Officer

Corporate Trustee

Legal Director

Property Lawyer

Trust and Estates Attorney

Financial Advisor

Asset Manager

Company Secretary

Industries
Trust Property Control Act 57 of 1988: Primary legislation governing the formation, registration and administration of trusts in South Africa, including requirements for trustees and trust property management
Income Tax Act 58 of 1962: Governs the tax treatment of trust income, distributions to beneficiaries, and transfer of assets into trust arrangements
Financial Intelligence Centre Act 38 of 2001: Provides requirements for due diligence and reporting obligations when establishing trust arrangements to prevent money laundering
Deeds Registries Act 47 of 1937: Relevant when the trust involves immovable property, governing the registration and transfer of property rights
Protection of Personal Information Act 4 of 2013: Regulates the processing and storage of personal information of parties involved in the trust arrangement
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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