The Revocable Declaration of Trust is a crucial estate planning instrument used in the Philippines when individuals wish to create a flexible arrangement for managing and distributing assets while retaining control during their lifetime. This document is particularly relevant when someone wants to establish a trust structure that can be modified or terminated as circumstances change, while ensuring proper asset management and beneficiary protection. It operates under Philippine jurisdiction, specifically governed by the Civil Code of the Philippines and related trust laws, making it essential to incorporate local legal requirements and practices. The document typically includes comprehensive provisions about trust property, trustee powers, beneficiary rights, distribution terms, and administrative procedures, while maintaining compliance with Philippine trust and property laws. It's commonly used in family wealth planning, business succession, and asset protection strategies.
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1. Parties: Identifies the Settlor (trust creator) and the Trustee(s), including their full legal names and addresses
2. Background: Explains the context and purpose for creating the trust
3. Definitions: Defines key terms used throughout the declaration
4. Declaration of Trust: Formal statement creating the trust and transferring assets to it
5. Trust Property: Detailed description of all assets being placed in trust
6. Beneficiaries: Identifies and defines the beneficiaries and their respective interests
7. Powers of Trustee: Comprehensive list of powers granted to the trustee in managing the trust
8. Duties of Trustee: Specific responsibilities and obligations of the trustee
9. Distribution Provisions: Rules and conditions for distributing trust income and principal
10. Revocation and Amendment: Procedures and conditions for modifying or revoking the trust
11. Successor Trustees: Provisions for appointment and succession of trustees
12. Trust Administration: General administrative provisions including accounting, reporting, and compensation
13. Termination: Conditions and procedures for trust termination and final distribution
14. Governing Law: Specifies Philippine law as governing law and relevant jurisdiction
1. Spendthrift Provision: Optional clause protecting beneficiaries' interests from creditors - include when beneficiary protection is desired
2. Investment Guidelines: Specific investment restrictions or requirements - include when specific investment parameters are needed
3. Tax Provisions: Specific tax planning provisions - include when tax optimization is a key objective
4. Special Needs Provisions: Special provisions for disabled beneficiaries - include when there are special needs beneficiaries
5. Charitable Giving: Provisions for charitable donations - include when charitable giving is part of trust purpose
6. Digital Assets: Provisions for handling digital assets - include when digital assets are part of trust property
7. Family Business Provisions: Special provisions for family business interests - include when business assets are involved
1. Schedule A - Trust Property: Detailed inventory and description of initial trust assets
2. Schedule B - Beneficiary Information: Detailed information about beneficiaries and their respective interests
3. Schedule C - Distribution Schedule: Specific timeline or conditions for distributions, if any
4. Schedule D - Trustee Compensation: Details of trustee compensation structure and payment terms
5. Appendix 1 - Initial Trustee Acceptance: Formal acceptance of appointment by initial trustee(s)
6. Appendix 2 - Certificate of Trust: Summary document for third parties verifying trust existence and trustee authority
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