The Agreement And Declaration of Trust is a fundamental document in Hong Kong's trust law practice, used to formally establish trust arrangements for various purposes including estate planning, asset protection, and business succession. It is particularly relevant in Hong Kong's dynamic financial environment, where trusts serve as essential vehicles for both personal wealth management and commercial arrangements. The document must be drafted in compliance with Hong Kong's Trustee Ordinance and related legislation, while considering the territory's status as an international financial hub. This trust instrument details the transfer of assets to trustees, defines beneficiary interests, establishes trustee powers and obligations, and provides comprehensive administrative provisions. It's commonly used by high-net-worth individuals, family offices, and businesses seeking to establish structured asset management arrangements with clear governance frameworks.
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1. Parties: Identifies and defines the Settlor, Trustee(s), and any initial Beneficiaries
2. Background: Sets out the context and intention to create the trust
3. Definitions: Defines key terms used throughout the document
4. Declaration of Trust: The formal declaration establishing the trust and transferring assets to the trustee
5. Trust Property: Detailed description of the initial trust assets and how future assets may be added
6. Beneficiaries: Defines the class of beneficiaries and their respective interests
7. Powers of the Trustee: Comprehensive list of trustees' powers in managing and administering the trust
8. Duties of the Trustee: Statutory and specific duties imposed on the trustees
9. Trust Administration: Procedures for day-to-day management of the trust
10. Duration of Trust: Specifies the trust period and termination events
11. Distribution of Income and Capital: Rules governing how and when trust assets can be distributed
12. Appointment and Retirement of Trustees: Procedures for changing trustees
13. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction
14. Execution: Signature blocks and execution formalities
1. Protector Provisions: Include when a protector is appointed to oversee certain trustee actions
2. Letter of Wishes: Include when the settlor wishes to provide non-binding guidance to trustees
3. Investment Provisions: Include when specific investment powers or restrictions are needed beyond statutory powers
4. Excluded Beneficiaries: Include when certain persons are to be explicitly excluded from benefiting
5. Foreign Element Provisions: Include when trust has international aspects requiring specific handling
6. Tax Provisions: Include when specific tax planning objectives need to be addressed
7. Minor Beneficiaries: Include when beneficiaries include or may include minors
8. Conflict Resolution: Include when specific dispute resolution procedures are desired
1. Schedule 1 - Trust Property: Detailed inventory of initial trust assets
2. Schedule 2 - Initial Beneficiaries: List of named initial beneficiaries and their respective interests
3. Schedule 3 - Trustee Powers: Detailed list of specific powers granted to trustees beyond statutory powers
4. Schedule 4 - Trustee Remuneration: Details of any professional trustee fees and expense reimbursement
5. Appendix A - Deed of Retirement and Appointment: Template for future trustee changes
6. Appendix B - Meeting Procedures: Procedures for trustee meetings and decision-making
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