The Co-Trustee Agreement is essential when multiple trustees are appointed to manage trust assets in the Netherlands. This document becomes particularly relevant in situations involving complex trust structures, significant asset portfolios, or when diverse expertise is required for trust management. The agreement operates within the Dutch legal framework, which, while not having a domestic trust law, recognizes trust arrangements through the Hague Trust Convention and regulates them through various provisions of the Dutch Civil Code. The document typically includes detailed provisions on joint decision-making, division of responsibilities, liability allocation, and compliance with Dutch financial regulations. It's commonly used by professional trustees, financial institutions, and family offices to ensure proper governance and risk management in multi-trustee arrangements.
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1. Parties: Identification of all co-trustees and their legal details
2. Background: Context of the trust arrangement, reference to the main trust deed, and reason for co-trustee appointment
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Appointment and Term: Formal appointment of co-trustees, commencement date, and duration of appointment
5. Powers and Authority: Scope of trustees' powers, both joint and several, and any limitations
6. Duties and Responsibilities: Core obligations of co-trustees, including fiduciary duties and specific responsibilities
7. Decision Making Process: Procedures for making decisions, voting rights, and resolving deadlocks
8. Administration and Records: Requirements for record-keeping, accounting, and administration of trust assets
9. Remuneration and Expenses: Compensation structure for trustees and handling of trust-related expenses
10. Liability and Indemnification: Extent of trustees' liability and circumstances for indemnification
11. Resignation and Removal: Procedures for resignation or removal of co-trustees and appointment of successors
12. Governing Law and Jurisdiction: Specification of Dutch law as governing law and jurisdiction for disputes
13. General Provisions: Standard boilerplate clauses including notices, amendments, and severability
1. Investment Policy: Detailed investment guidelines and restrictions - include when trust involves significant investment activities
2. Distribution Committee: Structure and operation of a distribution committee - include when complex distribution decisions are required
3. Foreign Asset Management: Specific provisions for managing non-Dutch assets - include when trust has international components
4. Conflict Resolution: Detailed dispute resolution procedures - include when additional conflict management mechanisms are desired
5. Delegation of Powers: Provisions for delegating certain powers to agents or advisors - include when professional services are required
6. Digital Assets Management: Provisions for handling digital assets - include when trust includes cryptocurrency or other digital assets
7. Environmental, Social and Governance (ESG): ESG investment and management criteria - include when ESG considerations are important to the trust
1. Schedule 1 - Trust Assets: Detailed inventory of all trust assets under co-trustee management
2. Schedule 2 - Fee Schedule: Detailed breakdown of trustee fees, expenses, and payment terms
3. Schedule 3 - Administrative Procedures: Detailed procedures for day-to-day administration and record-keeping
4. Schedule 4 - Decision Making Matrix: Matrix showing which decisions require unanimous consent vs. majority decision
5. Schedule 5 - Reporting Requirements: Templates and requirements for periodic reporting
6. Appendix A - Main Trust Deed: Copy of the main trust deed referenced in the agreement
7. Appendix B - KYC Documentation: Required know-your-customer and compliance documentation
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