A Trust Settlement Agreement is a crucial legal instrument used to establish and document the formal creation of a trust under Irish law. This document is essential when individuals or entities wish to transfer assets to be managed by trustees for the benefit of specified beneficiaries, whether for family wealth preservation, charitable purposes, or other specific objectives. The agreement must comply with Irish trust law, including the Trustee Act 1893 and modern legislative requirements such as the Land and Conveyancing Law Reform Act 2009. It contains detailed provisions covering trust property, trustee powers and duties, beneficiary rights, distribution mechanisms, and administrative procedures. The document is particularly relevant in scenarios involving estate planning, family wealth management, charitable giving, or business succession planning, and requires careful consideration of tax implications under Irish law.
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1. Parties: Identifies the Settlor(s), initial Trustee(s), and any other parties to the trust deed
2. Background: Recitals explaining the context and intention behind the trust settlement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. Declaration of Trust: Formal establishment of the trust and transfer of initial trust property
5. Trust Purpose and Beneficiaries: Clearly defines the purpose of the trust and identifies the beneficiaries or class of beneficiaries
6. Powers and Duties of Trustees: Comprehensive listing of trustees' powers and duties in managing the trust
7. Trust Administration: Details day-to-day management of the trust, including decision-making processes
8. Distribution Provisions: Rules and procedures for distributing trust assets to beneficiaries
9. Amendment and Variation: Procedures for making changes to the trust deed or its provisions
10. Appointment and Removal of Trustees: Process for appointing new trustees and removing existing ones
11. Trustee Remuneration and Expenses: Details of trustee compensation and reimbursement of expenses
12. Duration and Termination: Specified term of the trust and circumstances for termination
13. Governing Law and Jurisdiction: Confirms Irish law as governing law and jurisdiction for disputes
1. Protector Provisions: Required when the trust includes a protector role to oversee trustees
2. Charitable Purposes: Required for charitable trusts to specify charitable objectives and compliance requirements
3. Investment Provisions: Detailed investment powers and restrictions for complex trust assets
4. Family Business Provisions: Special provisions for trusts holding family business interests
5. Letter of Wishes: Non-binding guidance from settlor to trustees about trust administration
6. Tax Planning Provisions: Specific provisions to optimize tax efficiency within legal requirements
7. Minor Beneficiaries: Special provisions for handling benefits for underage beneficiaries
8. Conflict Resolution: Detailed procedures for resolving disputes between trustees or beneficiaries
1. Schedule 1 - Initial Trust Property: Detailed inventory of assets initially settled into the trust
2. Schedule 2 - Beneficiaries: Full details of named 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. Schedule 5 - Remuneration Schedule: Detailed trustee remuneration structure and calculation method
6. Appendix A - Deed of Adherence: Template for adding new trustees or beneficiaries
7. Appendix B - Investment Guidelines: Detailed investment policies and restrictions
8. Appendix C - Distribution Policy: Detailed guidelines for making distributions to beneficiaries
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