Discretionary trust

Published by a UUÂãÁÄÖ±²¥ Private Client expert
Precedents

Discretionary trust

Published by a UUÂãÁÄÖ±²¥ Private Client expert

Precedents
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This Trust is made on [date]

Parties

  1. 1

    [Settlor] of [address] (the Settlor) and

  1. 2

    [original trustees] of [addresses] (the Original Trustees)

Background

    1. (A)

      The Settlor wishes to make this Trust for the benefit of the beneficiaries and has transferred to the Original Trustees [£°Úamount] cash] to be held on the following trusts.

    1. (B)

      Further assets may in the future be transferred to the Trustees (as defined below).

    1. (C)

      [This Trust shall be irrevocable.]

    1. (D)

      [The Original Trustees agree to act as the first Trustees.]

This Deed provides:

    1. 1

      Definitions and interpretation

      1. 1.1

        In this Trust:

        Beneficiaries

        1. •

          means (subject to clause 7) the following persons:

          1. (a)

            the Settlor’s [widow OR widower] whether or not remarried;

          2. (b)

            the descendents of the Settlor [but subject to clause 11];

          3. (c)

            the spouses and any widow or widower (whether or not remarried) of the descendents of the Settlor,

        and Beneficiary has a corresponding meaning;

        Charitable

        1. •

          means charitable (and exclusively charitable) according to English law;

        Charity

        1. •

          means a trust, corporation, association, society or other institution established only for charitable purposes and Charities has a corresponding meaning;

        [[Spouse

        1. •

          or spouse includes:

          1. (a)

            a

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Jurisdiction(s):
United Kingdom
Key definition:
Trust definition
What does Trust mean?

An equitable obligation (ie a duty imposed by the law of equity), binding the trustee to deal with property over which he has control (the trust property), for the benefit of persons (the beneficiaries), of whom the trustee may be one, and any one of whom may enforce the obligation.

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