A Life Trust Deed is commonly used in England and Wales for estate planning, tax efficiency, and asset protection purposes. This document becomes particularly relevant when individuals wish to transfer assets while retaining some control over their management and distribution. The Life Trust Deed specifies how assets should be managed, who can benefit from them, and under what circumstances. It's distinct from testamentary trusts as it takes effect during the settlor's lifetime, providing immediate benefits and potentially offering tax advantages under UK legislation. The deed must comply with various legal requirements including the Trustee Act 2000 and other relevant trust laws.
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1. Parties: Details of settlor, trustees, and beneficiaries
2. Background: Purpose of trust and context
3. Definitions: Key terms used throughout the deed
4. Trust Property: Description of assets placed in trust
5. Trustee Powers: Scope of trustees' authority and responsibilities under relevant legislation including Trustee Act 1925 and 2000
6. Beneficiary Rights: Entitlements and conditions for beneficiaries
7. Trust Administration: Day-to-day management provisions and administrative powers
1. Investment Provisions: Specific investment powers and restrictions in accordance with Financial Services and Markets Act 2000
2. Appointment and Removal of Trustees: Process and procedures for changing trustees during the life of the trust
3. Perpetuity Provisions: Specific provisions relating to the Perpetuities and Accumulations Act 2009
1. Schedule 1: Trust Property: Detailed inventory and description of initial trust assets
2. Schedule 2: Beneficiary Classes: Detailed definition of beneficiary groups and their respective entitlements
3. Schedule 3: Investment Powers: Specific investment guidelines and restrictions for trustees
4. Appendix A: Letter of Wishes: Non-binding guidance document from the settlor regarding trust administration
Relevant legal definitions
Trust Property
Settlement Date
Trust Period
Vesting Date
Accumulation Period
Perpetuity Period
Appointor
Beneficiaries
Default Beneficiaries
Discretionary Beneficiaries
Excluded Person
Principal Beneficiary
Settlor
Trustees
Original Trustees
Continuing Trustees
New Trustees
Trust Fund
Trust Income
Trust Capital
Authorised Investment
Proper Law
Power of Appointment
Power of Advancement
Power of Maintenance
Trust Powers
Administrative Powers
Investment Powers
Minor
Person of Full Age
Capacity
Tax Year
Accounting Period
Distribution Date
Settlement Date
Trust Period
Vesting Date
Accumulation Period
Perpetuity Period
Appointor
Beneficiaries
Default Beneficiaries
Discretionary Beneficiaries
Excluded Person
Principal Beneficiary
Settlor
Trustees
Original Trustees
Continuing Trustees
New Trustees
Trust Fund
Trust Income
Trust Capital
Authorised Investment
Proper Law
Power of Appointment
Power of Advancement
Power of Maintenance
Trust Powers
Administrative Powers
Investment Powers
Minor
Person of Full Age
Capacity
Tax Year
Accounting Period
Distribution Date
Clauses
Interpretation
Declaration of Trust
Trust Period
Appointment of Trustees
Trustee Powers
Investment Powers
Administrative Powers
Delegation Powers
Beneficiary Provisions
Distribution Powers
Accumulation Powers
Advancement and Maintenance
Trustee Remuneration
Trustee Liability and Indemnity
Trustee Retirement and Removal
Appointment of New Trustees
Variation Powers
Record Keeping
Tax Provisions
Perpetuity Provisions
Governing Law
Severability
Bank Mandate
Power of Attorney
Notice Provisions
Irrevocability
Declaration of Trust
Trust Period
Appointment of Trustees
Trustee Powers
Investment Powers
Administrative Powers
Delegation Powers
Beneficiary Provisions
Distribution Powers
Accumulation Powers
Advancement and Maintenance
Trustee Remuneration
Trustee Liability and Indemnity
Trustee Retirement and Removal
Appointment of New Trustees
Variation Powers
Record Keeping
Tax Provisions
Perpetuity Provisions
Governing Law
Severability
Bank Mandate
Power of Attorney
Notice Provisions
Irrevocability
Relevant Industries
Relevant Teams
Relevant Roles
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