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Short Deed Of Trust

Short Deed Of Trust Template for Nigeria

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Key Requirements PROMPT example:

Short Deed Of Trust

"I need a Short Deed of Trust to establish a family trust in Nigeria, transferring my Lagos property and investment portfolio to benefit my three children, with the trust becoming effective from March 1, 2025."

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Document background
The Short Deed of Trust is a fundamental legal instrument in Nigerian trust law, designed to create efficient and effective trust arrangements while maintaining essential legal protections. This document type is particularly useful when establishing straightforward trust arrangements that don't require complex provisions or extensive administrative frameworks. The Short Deed of Trust typically includes core elements such as the identification of parties, trust property details, and basic administrative provisions, while remaining compliant with Nigerian trust legislation, particularly the Trustee Act of 1893 and related regulations. It's commonly used for family trusts, simple asset protection arrangements, and basic investment structures, offering a streamlined alternative to more comprehensive trust deeds while maintaining legal validity and effectiveness.
Suggested Sections

1. Parties: Identifies the Settlor (creator of the trust), the Trustee(s), and the Beneficiaries

2. Background: Brief context explaining the purpose of creating the trust and the intention of the settlor

3. Definitions: Essential terms used throughout the deed, including definition of the Trust Property, Trust Period, and other key terms

4. Declaration of Trust: Formal declaration establishing the trust and transfer of property to trustees

5. Trust Powers: Core powers granted to the trustees to manage and administer the trust

6. Distribution Provisions: Rules governing how and when trust property or income is to be distributed to beneficiaries

7. Duration of Trust: Specifies the term of the trust and any termination conditions

8. Governing Law: Confirms Nigerian law as governing law and jurisdiction

9. Execution: Formal execution block for signatures, witnessing, and attestation

Optional Sections

1. Investment Powers: Detailed investment powers and restrictions - include when trust involves significant financial assets

2. Trustee Remuneration: Terms for trustee compensation - include when trustees are to be paid for their services

3. Appointment and Removal of Trustees: Mechanism for changing trustees - include when requested by settlor or for longer-term trusts

4. Protection Clause: Limits trustees' personal liability - include when trustees request additional protection

5. Variation Powers: Powers to modify trust terms - include when flexibility may be needed in future

6. Administrative Provisions: Detailed administrative procedures - include for more complex trust arrangements

Suggested Schedules

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

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

3. Schedule 3 - Initial Trustees: Details of initial trustees including full names, addresses, and occupations

4. Appendix A - Powers of Investment: Optional detailed list of permitted investment types and restrictions

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

Financial Services

Real Estate

Family Office

Wealth Management

Banking

Legal Services

Corporate Services

Estate Planning

Private Client Services

Investment Management

Relevant Teams

Legal

Wealth Management

Trust Administration

Compliance

Private Client Services

Risk Management

Corporate Services

Financial Planning

Estate Planning

Investment

Relevant Roles

Trust Officer

Legal Counsel

Estate Planner

Wealth Manager

Private Client Advisor

Corporate Trustee

Property Manager

Financial Advisor

Trust Administrator

Compliance Officer

Risk Manager

Family Office Manager

Investment Manager

Tax Consultant

Industries
Trustee Act of 1893: The foundational law governing trusts in Nigeria, inherited from English law. It defines the basic principles of trusts, trustees' powers, and obligations.
Land Use Act 1978: Critical for trusts involving land or real property in Nigeria, as it governs land ownership, transfer, and registration requirements.
Stamp Duties Act (Cap S8 LFN 2004): Governs the stamping requirements for deeds and other instruments in Nigeria, including trust deeds.
Investment and Securities Act 2007: Relevant if the trust involves investment in securities or other financial instruments, as it regulates investment schemes and securities.
Companies and Allied Matters Act (CAMA) 2020: Applicable if the trust involves corporate trustees or corporate assets, as it regulates corporate entities and their operations in Nigeria.
Nigerian Tax Laws (PITA and CITA): Personal Income Tax Act and Companies Income Tax Act are relevant for understanding tax implications of trust income and distributions.
Evidence Act 2011: Contains provisions regarding the formal requirements and admissibility of documents, including deeds, in Nigerian courts.
Teams

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