The Family Trust Agreement is a sophisticated legal instrument used in the Philippines for preserving and transferring family wealth across generations while providing asset protection and tax efficiency. This document becomes relevant when families seek to establish a structured approach to managing their assets, ensuring orderly succession, and protecting family interests. It operates within the framework of Philippine trust law, particularly under the Civil Code of the Philippines and related regulations. The agreement typically includes comprehensive provisions for asset management, beneficiary distributions, trustee duties, and governance structures, making it suitable for both simple family arrangements and complex multi-generational wealth planning. It's particularly valuable for high-net-worth families, business owners, and individuals seeking to establish long-term financial security for their beneficiaries while maintaining control over asset distribution and management.
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1. Parties: Identification of the Settlor(s), Trustee(s), and named Beneficiaries with their complete details
2. Background: Context for the trust creation, family circumstances, and general intent of the settlor
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Declaration of Trust: Formal establishment of the trust and transfer of assets to the trustee
5. Trust Property: Detailed description of initial trust assets and provisions for additional contributions
6. Trust Purpose and Duration: Specific objectives of the trust and its intended duration or termination conditions
7. Powers and Duties of Trustees: Comprehensive list of trustee powers and responsibilities in managing trust assets
8. Rights and Interests of Beneficiaries: Details of beneficiary entitlements, distribution rules, and conditions
9. Distribution Provisions: Specific rules and mechanisms for distributing trust income and capital
10. Trust Administration: Procedures for day-to-day management, decision-making, and record-keeping
11. Trustee Succession: Provisions for appointment, removal, and replacement of trustees
12. Amendment and Revocation: Conditions and procedures for modifying or terminating the trust
13. Governing Law and Jurisdiction: Specification of Philippine law application and dispute resolution procedures
1. Protector Provisions: Include when a trust protector is appointed to oversee trustee actions and provide additional security
2. Investment Guidelines: Include when specific investment restrictions or guidelines need to be established
3. Family Council: Include when a family governance structure is desired for major decisions
4. Special Needs Provisions: Include when providing for beneficiaries with special needs or disabilities
5. Business Interests: Include when trust property includes family business interests
6. Education Trust Provisions: Include when specific provisions for educational support are required
7. Spouse Protection Clauses: Include when protecting assets from future spousal claims is desired
8. Tax Planning Provisions: Include when specific tax optimization strategies are implemented
1. Schedule A - Trust Property: Detailed inventory and description of initial trust assets
2. Schedule B - Beneficiary Information: Complete details of beneficiaries and their respective interests
3. Schedule C - Distribution Guidelines: Specific formulas or rules for trust distributions
4. Schedule D - Trustee Compensation: Details of trustee fees and reimbursement policies
5. Schedule E - Investment Policy Statement: Detailed investment guidelines and restrictions
6. Appendix 1 - Family Tree: Visual representation of family relationships relevant to the trust
7. Appendix 2 - Contact Information: Contact details for all relevant parties, advisors, and institutions
8. Appendix 3 - Letter of Wishes: Non-binding guidance from settlor regarding trust administration
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