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Life Trust Deed

Life Trust Deed Template for Philippines

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Key Requirements PROMPT example:

Life Trust Deed

"I need a Life Trust Deed to establish a trust for my three adult children, transferring my real estate holdings and investment portfolio valued at approximately PHP 50 million, with specific provisions for quarterly income distribution and capital preservation until January 2025."

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Document background
A Life Trust Deed is an essential estate planning instrument in the Philippine legal framework, used when individuals wish to transfer assets into a trust structure during their lifetime while maintaining certain controls over the assets' management and distribution. This document is particularly relevant in situations involving substantial assets, family wealth preservation, or complex succession planning needs. The deed must comply with the Civil Code of the Philippines and relevant trust laws, including the Trust Business Law (Republic Act No. 337). It typically includes detailed provisions for asset management, beneficiary rights, trustee powers, and distribution mechanisms. The Life Trust Deed is commonly used by high-net-worth individuals, family businesses, and those seeking to establish structured asset protection and succession planning arrangements while ensuring compliance with Philippine legal and tax requirements.
Suggested Sections

1. Parties: Identifies the Settlor, Trustee(s), and named Beneficiaries with their complete details

2. Background: Recitals explaining the context and purpose of creating the trust

3. Definitions: Comprehensive definitions of terms used throughout the deed

4. Declaration of Trust: Formal declaration establishing the trust and transfer of assets to the trustee

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

6. Trust Period: Duration of the trust and conditions for termination

7. Powers and Duties of Trustees: Comprehensive list of trustee powers and responsibilities

8. Rights of Beneficiaries: Detailed specification of beneficiary entitlements and rights

9. Distribution of Income and Capital: Rules and procedures for distributing trust income and capital

10. Administrative Provisions: Procedures for trust administration, record-keeping, and reporting

11. Appointment and Removal of Trustees: Process for changing trustees and circumstances requiring such changes

12. Variation and Termination: Conditions and procedures for modifying or ending the trust

13. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction

14. Execution and Attestation: Formal execution requirements and witness attestation

Optional Sections

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

2. Protector Provisions: Powers and duties of trust protector - include when a protector is appointed

3. Foreign Asset Provisions: Special provisions for managing foreign assets - include when trust holds overseas properties

4. Business Interest Provisions: Specific provisions for managing business interests - include when trust holds business assets

5. Charitable Purposes: Provisions for charitable giving - include when trust has charitable components

6. Special Needs Provisions: Specific provisions for beneficiaries with special needs - include when applicable

7. Tax Planning Provisions: Specific tax optimization structures - include when complex tax planning is involved

8. Conflict Resolution: Detailed dispute resolution procedures - include when family conflicts are likely

Suggested Schedules

1. Schedule A - Trust Property: Comprehensive inventory and description of all trust assets

2. Schedule B - Initial Trustees: Details of initial trustees including full names, addresses, and qualifications

3. Schedule C - Beneficiary Details: Complete information about beneficiaries and their respective interests

4. Schedule D - Distribution Rules: Detailed rules and formulas for income and capital distribution

5. Schedule E - Investment Guidelines: Specific investment policies and restrictions

6. Appendix 1 - Asset Valuations: Professional valuations of major trust assets

7. Appendix 2 - Tax Certificates: Relevant tax clearances and certificates

8. Appendix 3 - Property Documents: Copies of property titles and relevant documentation

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 legal definitions
Accounting Period
Accumulation Period
Administrative Powers
Appointor
Assets
Beneficiaries
Capital
Charitable Purpose
Commencement Date
Discretionary Beneficiaries
Distribution Date
Event of Default
Excluded Person
Financial Year
Income
Initial Property
Investment
Investment Powers
Legal Personal Representative
Life Interest
Minor
Net Income
Perpetuity Period
Primary Beneficiaries
Principal Place of Administration
Protector
Residuary Estate
Settlor
Specified Beneficiaries
Successor Trustee
Tax
Trust
Trust Fund
Trust Period
Trust Property
Trust Purposes
Trustee
Trustee Acts
Variation
Vesting Date
Clauses
Trust Declaration
Property Transfer
Trustee Appointment
Trustee Powers
Trustee Duties
Trustee Remuneration
Beneficiary Rights
Income Distribution
Capital Distribution
Investment Powers
Administrative Powers
Trust Duration
Trust Termination
Variation Powers
Protector Provisions
Successor Trustees
Asset Management
Record Keeping
Accounting Requirements
Tax Compliance
Beneficiary Determination
Distribution Mechanics
Amendment Powers
Revocation Rights
Governing Law
Dispute Resolution
Confidentiality
Indemnification
Severability
Notice Requirements
Relevant Industries

Legal Services

Financial Services

Wealth Management

Estate Planning

Banking

Real Estate

Insurance

Family Office Services

Professional Services

Trust Administration

Relevant Teams

Legal

Compliance

Wealth Management

Trust Administration

Estate Planning

Tax Advisory

Risk Management

Private Client Services

Corporate Secretarial

Financial Advisory

Relevant Roles

Trust Officer

Estate Planning Attorney

Wealth Manager

Tax Consultant

Legal Counsel

Corporate Secretary

Financial Advisor

Trust Administrator

Compliance Officer

Risk Manager

Family Office Manager

Private Client Advisor

Succession Planning Specialist

Asset Protection Lawyer

Trust Operations Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary legislation governing property rights, obligations, contracts, and succession in the Philippines. Articles 1440-1456 specifically deal with trusts.
Trust Business Law (Republic Act No. 337): Regulates trust operations and defines requirements for trust entities, including the responsibilities and qualifications of trustees.
National Internal Revenue Code (NIRC): Contains provisions on tax implications of trust creation, trust income, and transfer of properties to and from trusts.
Securities Regulation Code (Republic Act No. 8799): Relevant for trusts involving securities or investment instruments, including registration and disclosure requirements.
Anti-Money Laundering Act (Republic Act No. 9160): Must be considered for compliance in trust formation and operation, particularly regarding source of funds and beneficiary identification.
Family Code of the Philippines (Executive Order No. 209): Relevant for trust arrangements involving family members and property relations between spouses.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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