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Revocable Trust Agreement
"I need a Revocable Trust Agreement to manage my UK property portfolio and investments, with my two adult children as beneficiaries and my solicitor as trustee, allowing me to maintain control during my lifetime while establishing a clear succession plan."
1. Parties: Identifies and defines all parties: the Settlor (trust creator), initial Trustees, and named Beneficiaries
2. Background: Sets out the context, purpose of the trust, and the Settlor's intention to create a revocable trust
3. Definitions: Defines key terms used throughout the agreement including Trust Property, Trust Period, and Vesting Day
4. Trust Declaration: Formal declaration of trust and initial transfer of assets to trustees
5. Powers of Trustees: Comprehensive list of trustee powers including investment, management, and distribution authority
6. Distribution Provisions: Rules and procedures for distributing trust income and capital to beneficiaries
7. Amendment and Revocation: Procedures and conditions for modifying or revoking the trust during the Settlor's lifetime
8. Administrative Provisions: General provisions for trust administration, record-keeping, and accounting requirements
9. Governing Law and Jurisdiction: Confirms the application of England and Wales law and jurisdiction
1. Successor Trustees: Provisions for appointment and removal of trustees, used when specific succession planning is required
2. Spendthrift Provisions: Protective provisions preventing beneficiaries from assigning or transferring their interests, used for asset protection
3. Tax Planning Provisions: Specific provisions for tax efficiency and compliance with UK tax legislation, used for larger estates
4. Incapacity Provisions: Procedures for managing the trust in case of Settlor's incapacity, used when specific incapacity planning is desired
1. Schedule 1 - Trust Property: Detailed inventory of initial assets transferred to the trust
2. Schedule 2 - Investment Guidelines: Specific investment policies, restrictions, and guidelines for trustees
3. Schedule 3 - Beneficiary Schedule: Detailed information about beneficiaries and their respective interests
4. Appendix A - Letter of Wishes: Non-binding memorandum from Settlor providing guidance to trustees about trust administration
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