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Declaration Of Trust Property

Declaration Of Trust Property Template for Ireland

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Key Requirements PROMPT example:

Declaration Of Trust Property

"I need a Declaration of Trust Property to establish a family trust for my Dublin residential property, with myself as settlor and my two adult children as both trustees and beneficiaries, to take effect from March 1, 2025."

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Document background
A Declaration of Trust Property is essential when establishing formal trust arrangements over property assets in Ireland. This document is commonly used in situations where legal and beneficial ownership need to be separated, such as family property arrangements, property investment structures, or asset protection schemes. The declaration must comply with Irish trust law principles and property legislation, including the Land and Conveyancing Law Reform Act 2009. It provides comprehensive details about the trust property, the roles and responsibilities of trustees, the rights of beneficiaries, and the terms governing the trust arrangement. This document is particularly important for protecting interests in property, ensuring clear documentation of ownership arrangements, and establishing a proper framework for trust administration.
Suggested Sections

1. Parties: Identifies and defines the Settlor (who creates the trust), the Trustees, and any specified Beneficiaries

2. Background: Sets out the context of the trust creation, including details of the property and the intention to create the trust

3. Definitions: Defines key terms used throughout the document

4. Declaration of Trust: The formal declaration creating the trust and specifying the property being held in trust

5. Trust Property: Detailed description of the property being placed in trust

6. Beneficial Interests: Specifies how the beneficial interest in the property is to be held

7. Trustees' Powers: Sets out the specific powers granted to the trustees in managing the trust property

8. Trustees' Duties: Details the obligations and responsibilities of the trustees

9. Trust Period: Specifies the duration of the trust and any conditions for its termination

10. Administrative Provisions: Contains general provisions for the administration of the trust

11. Governing Law: Confirms that the trust is governed by Irish law

Optional Sections

1. Income Provisions: Required when the trust property generates income that needs to be distributed

2. Appointment and Retirement of Trustees: Include when specific provisions for trustee succession are needed beyond statutory provisions

3. Minor Beneficiaries: Required when any beneficiaries are under 18 years of age

4. Powers of Investment: Include when trustees need specific investment powers beyond statutory provisions

5. Variation Clause: Include when flexibility to modify trust terms may be needed

6. Professional Trustees Provisions: Required when professional trustees are appointed who may charge for their services

7. Protection Provisions: Optional clauses protecting trustees from liability except in cases of willful default

Suggested Schedules

1. Schedule 1 - The Property: Detailed legal description of the trust property, including title details and any encumbrances

2. Schedule 2 - The Beneficiaries: Full details of all beneficiaries and their respective interests

3. Schedule 3 - Initial Trustees: Details of the initial trustees including full names, addresses and occupations

4. Schedule 4 - Powers of Investment: Detailed list of permitted investments if extending beyond statutory powers

5. Appendix A - Certificate of Independent Legal Advice: Confirmation that parties received independent legal advice (if applicable)

6. Appendix B - Minutes of First Trustees' Meeting: Record of initial trustees' meeting and decisions

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Property Lawyer

Trust Administrator

Estate Manager

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Real Estate Manager

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