Declaration Of Trust for Ireland

Declaration Of Trust Template for Ireland

A Declaration of Trust is a formal legal document used under Irish law to establish and evidence a trust arrangement. It sets out the terms under which property or assets are held by trustees for the benefit of specified beneficiaries. The document details the trust property, beneficiaries' rights, trustees' powers and duties, and administrative provisions in accordance with Irish trust law. It serves as a crucial instrument in estate planning, property management, and wealth preservation, establishing clear legal obligations and rights while ensuring compliance with Irish legislation including the Trustee Act 1893 and relevant tax laws.

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What is a Declaration Of Trust?

A Declaration of Trust is essential when establishing formal trust arrangements under Irish law. It is commonly used in situations where property or assets need to be held by trustees for the benefit of others, whether for family wealth management, property co-ownership, estate planning, or charitable purposes. The document must comply with Irish trust law requirements, including the Trustee Act 1893 and the Land and Conveyancing Law Reform Act 2009. A Declaration of Trust typically includes detailed provisions about the trust property, beneficiaries' interests, trustees' powers and obligations, and administrative procedures. It's particularly important in protecting beneficial interests, ensuring proper asset management, and creating clear legal frameworks for trust arrangements. The document serves as crucial evidence of the trust's existence and its terms, providing clarity and certainty for all parties involved.

What sections should be included in a Declaration Of Trust?

1. Parties: Identifies the Settlor(s) who is creating the trust and the Trustee(s) who will hold the property

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

3. Definitions: Defines key terms used throughout the document

4. Declaration of Trust: The formal declaration establishing the trust and confirming the property transfer to trustees

5. Trust Property: Detailed description of the assets being placed in trust

6. Beneficiaries: Identifies and defines the beneficiaries and their respective interests

7. Powers of Trustees: Details the specific powers granted to trustees in managing the trust

8. Duties of Trustees: Outlines the responsibilities and obligations of the trustees

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

10. Distribution Provisions: Details how and when trust property or income is to be distributed

11. Administrative Provisions: Contains general administrative powers and procedures

12. Governing Law: Confirms Irish law as the governing law of the trust

13. Execution: Space for signatures and execution formalities

What sections are optional to include in a Declaration Of Trust?

1. Appointment and Removal of Trustees: Include when specific provisions for trustee succession or removal are required

2. Investment Powers: Include when trustees need specific investment authorities beyond statutory powers

3. Remuneration of Trustees: Include when professional trustees are appointed who will charge fees

4. Protector Provisions: Include when a trust protector is to be appointed to oversee trustees

5. Minor Beneficiaries: Include when beneficiaries include children under 18

6. Variation Powers: Include when specific powers to vary trust terms are required

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

8. Tax Provisions: Include when specific tax planning arrangements need to be documented

What schedules should be included in a Declaration Of Trust?

1. Schedule 1 - Trust Property: Detailed inventory and description of all assets placed in trust

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

3. Schedule 3 - Investment Powers: Detailed investment parameters and restrictions if applicable

4. Schedule 4 - Administrative Provisions: Detailed administrative procedures and trustee powers

5. Appendix A - Copy of Letter of Wishes: If applicable, copy of settlor's letter of wishes

6. Appendix B - Property Documents: Copies of relevant property deeds or certificates if real estate is involved

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

Jurisdiction

Ireland

Publisher

Genie AI

Document Type

Declaration Form

Cost

Free to use
Relevant legal definitions
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Financial Services

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Estate Planning Attorney

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