The Simple Trust Agreement is a fundamental legal instrument used in the Philippines to create a trust relationship where one party (trustee) holds and manages assets for the benefit of others (beneficiaries). This document is particularly relevant when individuals or organizations need to establish a formal structure for asset management, wealth transfer, or estate planning. The agreement must comply with the Philippine Civil Code (particularly Articles 1440-1456), the General Banking Law of 2000, and other relevant financial regulations. It's commonly used for family trusts, charitable purposes, or business arrangements, providing a clear framework for asset protection, management, and distribution. The Simple Trust Agreement includes detailed provisions about trust property, trustee duties, beneficiary rights, and distribution mechanisms, while ensuring compliance with Philippine trust and banking laws.
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1. Parties: Identifies and provides details of the Settlor (creator of trust), Trustee(s), and Beneficiaries
2. Background: Explains the context and purpose for creating the trust
3. Definitions: Defines key terms used throughout the agreement
4. Declaration of Trust: Formal statement creating the trust and transferring property to the trustee
5. Trust Property: Detailed description of assets being placed in trust
6. Powers and Duties of Trustee: Comprehensive list of trustee's authorities and responsibilities
7. Rights of Beneficiaries: Specifies the benefits and rights of beneficiaries under the trust
8. Distribution Provisions: Details how and when trust assets or income will be distributed
9. Trust Administration: Procedures for managing the trust, including record-keeping and reporting requirements
10. Duration of Trust: Specifies the term of the trust and conditions for termination
11. Governing Law: Confirms Philippine law as governing law and relevant jurisdiction
12. Execution: Signature blocks and execution requirements
1. Successor Trustee Provisions: Procedures for appointing replacement trustees - include when multiple trustees or long-term trust anticipated
2. Investment Powers: Detailed investment guidelines - include when trust involves significant financial assets
3. Tax Provisions: Specific tax planning provisions - include when tax optimization is a key objective
4. Dispute Resolution: Alternative dispute resolution procedures - include when parties prefer arbitration over court proceedings
5. Amendment Provisions: Procedures for modifying trust terms - include when flexibility might be needed
6. Trustee Compensation: Details of trustee fees and expenses - include when trustee is a professional or institution
7. Spendthrift Provisions: Protections against beneficiary creditors - include when asset protection is needed
1. Schedule A - Trust Property: Detailed inventory and description of initial trust assets
2. Schedule B - Beneficiary Information: Complete details of beneficiaries including contact information and distribution shares
3. Schedule C - Distribution Schedule: Specific timing and conditions for distributions if complex
4. Schedule D - Trustee Compensation: Fee structure and payment terms for trustee services
5. Appendix 1 - Investment Guidelines: Detailed investment policies and restrictions
6. Appendix 2 - Administrative Procedures: Detailed procedures for trust administration and reporting
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