A Trust Revocation Declaration is a crucial document used when a settlor wishes to terminate an existing trust arrangement in Ireland. This document is typically employed when circumstances have changed significantly since the trust's creation, when the trust's purposes have been fulfilled, or when alternative arrangements for asset management are desired. The declaration must be drafted in compliance with Irish trust law, particularly the Land and Conveyancing Law Reform Act 2009, and should clearly identify the trust being revoked, confirm the settlor's power to revoke, provide comprehensive instructions for asset disposition, and include appropriate releases for the trustees. It's essential that the document addresses all tax implications and ensures proper transfer of assets back to the settlor or to designated recipients.
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1. Declaration Date and Parties: Identifies the date of the revocation declaration and the declarant (original settlor) with full legal name and address
2. Original Trust Details: Identifies the trust being revoked, including its name, date of creation, and any reference numbers or identifying features
3. Recitals: Brief background explaining the original trust's purpose and confirming the settlor's power to revoke
4. Revocation Declaration: Clear and unequivocal statement revoking the trust
5. Asset Direction: Instructions regarding the disposition of trust assets following revocation
6. Trustee Discharge: Statement releasing and discharging the trustees from their duties upon completion of asset transfer
7. Execution: Signature block for settlor and witness attestation
1. Tax Acknowledgment: Section acknowledging understanding of tax implications of revocation, recommended when significant assets or tax consequences are involved
2. Beneficiary Acknowledgment: Section for beneficiary signatures acknowledging the revocation, useful in complex trusts or where beneficiary interests are substantial
3. Indemnification: Additional protection for trustees, recommended for complex trusts or where significant assets are involved
4. Legal Advice Confirmation: Confirmation that independent legal advice was received, recommended for high-value trusts or complex situations
1. Schedule A - Original Trust Deed: Copy or details of the original trust deed being revoked
2. Schedule B - Asset Register: Detailed list of current trust assets and their disposition instructions
3. Schedule C - Trustee Details: List of current trustees and their contact details
4. Appendix 1 - Evidence of Power to Revoke: Extract from original trust deed showing revocation power, if not clearly stated in main deed
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