The Declaration of Bare Trust is a crucial document in Canadian legal practice, used when there is a need to separate legal and beneficial ownership of property while maintaining the beneficial owner's complete control over the asset. This document is particularly relevant in scenarios involving property holding, tax planning, estate planning, or corporate structuring. It creates a relationship where the trustee holds legal title but must act solely on the beneficial owner's instructions, with no independent powers or discretion. The document must comply with both federal and provincial trust laws, tax regulations, and property laws. Common applications include real estate holdings, corporate reorganizations, and family property arrangements. The Declaration of Bare Trust needs to clearly establish the trust relationship while emphasizing the limited role of the trustee who holds legal title but has no active duties beyond holding the property for the beneficiary.
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1. Parties: Identifies the Trustee(s) and the Beneficial Owner(s) who are parties to the declaration
2. Background: Explains the context of the bare trust arrangement and confirms the intention to create a bare trust
3. Definitions: Defines key terms used in the declaration including 'Trust Property', 'Bare Trust', and other relevant terms
4. Declaration of Trust: Formal declaration that the Trustee holds the Trust Property as a bare trustee for the absolute benefit of the Beneficial Owner
5. Trust Property: Detailed description and identification of the property being held in trust
6. Nature of Bare Trust: Confirms that the trust is a bare trust and specifies the limited role of the trustee
7. Powers and Duties of Trustee: Specifies the limited powers of the trustee, essentially only to hold legal title and act on the beneficial owner's instructions
8. Rights of Beneficial Owner: Confirms the beneficial owner's absolute right to the trust property and power to direct the trustee
9. Expenses and Indemnification: Addresses payment of expenses and trustee indemnification
10. Term and Termination: Specifies how and when the bare trust arrangement can be terminated
11. Governing Law: Specifies that the declaration is governed by the laws of the relevant Canadian province
1. Successor Trustees: Include when there is a need to provide for replacement of trustees
2. Multiple Beneficial Owners: Include when there are multiple beneficial owners to specify their respective interests and rights
3. Tax Matters: Include when specific tax treatment needs to be addressed explicitly
4. Registration and Notice: Include when the trust property requires registration or notice to third parties
5. Reporting Requirements: Include when there are specific reporting obligations under anti-money laundering laws or other regulations
1. Schedule A - Trust Property: Detailed description and/or listing of all property held in the bare trust
2. Schedule B - Beneficial Ownership Details: If multiple beneficial owners, details of their respective interests and ownership proportions
3. Schedule C - Property Registration Details: Details of property registration, title numbers, or other identifying information for trust property
4. Appendix 1 - Consent of Trustee: Formal consent and acceptance by the trustee of their appointment and role
5. Appendix 2 - Instructions Protocol: Protocol for how beneficial owner(s) will give instructions to trustee(s)
Relevant legal definitions
Trust Property
Bare Trust
Trustee
Beneficial Owner
Trust Documents
Effective Date
Governing Law
Instructions
Legal Title
Beneficial Interest
Trust Period
Termination Date
Permitted Dealings
Related Expenses
Trust Register
Authorized Representative
Business Day
Encumbrance
Property Income
Relevant Jurisdiction
Successor Trustee
Trust Expenses
Trust Powers
Trust Terms
Applicable Laws
Beneficial Ownership
Bare Trust
Trustee
Beneficial Owner
Trust Documents
Effective Date
Governing Law
Instructions
Legal Title
Beneficial Interest
Trust Period
Termination Date
Permitted Dealings
Related Expenses
Trust Register
Authorized Representative
Business Day
Encumbrance
Property Income
Relevant Jurisdiction
Successor Trustee
Trust Expenses
Trust Powers
Trust Terms
Applicable Laws
Beneficial Ownership
Clauses
Declaration of Trust
Trust Property
Bare Trust Nature
Trustee Powers
Beneficial Ownership
Instructions and Directions
Registration and Notice
Expenses and Costs
Indemnification
Term and Duration
Termination
Succession
Tax Matters
Governing Law
Multiple Beneficial Owners
Property Registration
Amendments
Notice Requirements
Severability
Further Assurance
Entire Agreement
Counterparts
Trust Property
Bare Trust Nature
Trustee Powers
Beneficial Ownership
Instructions and Directions
Registration and Notice
Expenses and Costs
Indemnification
Term and Duration
Termination
Succession
Tax Matters
Governing Law
Multiple Beneficial Owners
Property Registration
Amendments
Notice Requirements
Severability
Further Assurance
Entire Agreement
Counterparts
Relevant Industries
Real Estate
Financial Services
Investment Management
Corporate Services
Legal Services
Property Development
Wealth Management
Tax Advisory
Asset Management
Trust Services
Relevant Teams
Legal
Trust Administration
Real Estate
Compliance
Tax
Wealth Management
Corporate Services
Property Management
Investment
Risk Management
Relevant Roles
Legal Counsel
Trust Officer
Property Manager
Real Estate Lawyer
Tax Advisor
Estate Planner
Corporate Lawyer
Wealth Manager
Trust Administrator
Compliance Officer
Real Estate Agent
Property Developer
Investment Advisor
Financial Planner
Corporate Secretary
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