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Revocable Declaration Of Trust

Revocable Declaration Of Trust Template for Nigeria

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Key Requirements PROMPT example:

Revocable Declaration Of Trust

"I need a Revocable Declaration of Trust under Nigerian law to establish a trust for my Lagos real estate properties and investment portfolio, with my three adult children as beneficiaries and ability to modify beneficiary allocations until January 2025."

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Document background
The Revocable Declaration of Trust is predominantly used in Nigeria when individuals or organizations wish to create a flexible trust arrangement while retaining control over their assets. This document is particularly valuable in situations requiring structured asset management with the option to modify or terminate the arrangement. It's commonly employed in estate planning, family wealth management, and business succession planning. The document must comply with Nigerian trust law principles, including the Trustee Act 1893 and common law principles. It typically includes detailed provisions for trust property management, beneficiary rights, trustee powers, and revocation procedures. The revocable nature makes it especially suitable for situations where circumstances might change, requiring adjustment to the trust terms or complete termination of the arrangement.
Suggested Sections

1. Parties: Identifies the Settlor (who creates and can revoke the trust) and the initial Trustee(s)

2. Background: Sets out the context and intention to create a revocable trust

3. Definitions: Defines key terms used throughout the declaration

4. Declaration of Trust: Formal declaration creating the trust and specifying the trust property

5. Trust Terms: Specifies how the trust property is to be held and managed

6. Beneficiaries: Identifies and defines the beneficiaries and their respective interests

7. Powers of the Trustee: Details the powers granted to trustees in managing the trust property

8. Duties of the Trustee: Outlines the responsibilities and obligations of the trustees

9. Right of Revocation: Specifies the settlor's right to revoke the trust and the procedure for doing so

10. Trust Administration: Details the practical aspects of managing the trust

11. Governing Law: Confirms Nigerian law as governing law and relevant jurisdiction

12. Execution: Formal execution block for signatures and attestation

Optional Sections

1. Appointment and Removal of Trustees: Include when there may be a need to change trustees or add additional trustees

2. Trust Protector: Include when appointing a protector to oversee certain aspects of trust administration

3. Investment Powers: Include when trust property includes or may include investment assets

4. Distribution Provisions: Include when specific distribution rules or schedules are needed

5. Tax Provisions: Include when specific tax planning objectives need to be addressed

6. Successor Trustees: Include when providing for automatic succession of trustees

7. Amendment Powers: Include when the settlor wants power to amend trust terms beyond just revocation

8. Conflict Resolution: Include when specific dispute resolution procedures are desired

Suggested Schedules

1. Schedule 1 - Trust Property: Detailed inventory of initial trust assets and property

2. Schedule 2 - Beneficiary Details: Full details of beneficiaries and their respective interests or shares

3. Schedule 3 - Trustee Powers: Comprehensive list of specific powers granted to trustees

4. Schedule 4 - Administrative Provisions: Detailed administrative procedures and requirements

5. Appendix A - Revocation Form: Template form for executing revocation of the trust

6. Appendix B - Deed of Retirement and Appointment of Trustees: Template for trustee changes

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
Relevant legal definitions












































Clauses































Relevant Industries

Financial Services

Real Estate

Private Wealth Management

Banking

Family Business

Agriculture

Oil and Gas

Healthcare

Education

Non-Profit

Relevant Teams

Legal

Wealth Management

Estate Planning

Private Client Services

Corporate Services

Risk and Compliance

Tax Advisory

Property Management

Investment Management

Trust Administration

Relevant Roles

Estate Planning Attorney

Trust Officer

Wealth Manager

Private Client Advisor

Legal Counsel

Corporate Trustee

Tax Consultant

Estate Manager

Financial Advisor

Property Manager

Compliance Officer

Risk Manager

Family Office Manager

Investment Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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