A Living Trust Deed is essential for individuals and organizations seeking to establish a trust structure in Nigeria for effective asset management and succession planning. This document is particularly relevant when there's a need to transfer and manage assets during the settlor's lifetime while ensuring proper distribution to beneficiaries according to specified terms. The deed must comply with Nigerian trust law, including the Trustee Act of 1958 and related legislation, and can accommodate various assets including real estate (subject to the Land Use Act), investments, and business interests. It's commonly used for family wealth management, charitable purposes, and estate planning, offering greater flexibility and privacy compared to traditional wills while providing tax efficiency and asset protection benefits under Nigerian law.
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1. Parties: Identifies the Settlor, Trustee(s), and Beneficiaries with their full legal names and addresses
2. Background: Sets out the context and intention of the Settlor in creating the trust
3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes rules of interpretation
4. Declaration of Trust: Formal creation of the trust and transfer of assets to trustees
5. Trust Period: Specifies the duration of the trust and any termination conditions
6. Powers and Duties of Trustees: Comprehensive list of trustees' powers and responsibilities in managing trust assets
7. Rights of Beneficiaries: Details the entitlements and rights of beneficiaries under the trust
8. Income and Capital Distribution: Rules governing how trust income and capital are to be distributed
9. Appointment and Removal of Trustees: Procedures for changing trustees and minimum number requirements
10. Amendment Provisions: Mechanisms for modifying trust terms if necessary
11. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and relevant jurisdiction
12. Execution and Dating: Formal execution requirements and dating of the deed
1. Charitable Purposes: Required when the trust includes charitable elements or beneficiaries
2. Business Assets Provisions: Needed when trust assets include business interests or commercial properties
3. Spendthrift Provisions: Used to protect beneficiaries' interests from creditors or financial mismanagement
4. Foreign Assets: Required when trust includes assets located outside Nigeria
5. Guardian Provisions: Included when beneficiaries include minors or persons requiring guardianship
6. Investment Guidelines: Detailed investment parameters when trust includes significant financial assets
7. Successor Settlor Rights: Optional provisions for maintaining certain settlor rights after death or incapacity
1. Schedule 1: Trust Assets: Comprehensive list and description of all assets initially settled into the trust
2. Schedule 2: Beneficiary Entitlements: Detailed breakdown of beneficiary interests and distribution arrangements
3. Schedule 3: Trustee Powers: Expanded list of specific powers granted to trustees
4. Schedule 4: Administrative Provisions: Detailed administrative procedures and requirements
5. Appendix A: Asset Valuation: Initial valuation of trust assets at the time of settlement
6. Appendix B: Investment Policy: Detailed investment guidelines and restrictions
7. Appendix C: Distribution Framework: Specific rules and conditions for trust distribution
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