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Declaration Of Revocable Trust

Declaration Of Revocable Trust Template for Canada

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Key Requirements PROMPT example:

Declaration Of Revocable Trust

"I need a Declaration of Revocable Trust to establish a family trust that will manage my real estate portfolio and investment accounts, with provisions for both my children and grandchildren as beneficiaries, and specific requirements for digital asset management."

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Document background
A Declaration of Revocable Trust is utilized when an individual (the settlor) wishes to create a flexible estate planning structure that can be modified during their lifetime. This document is particularly relevant in the Canadian legal context, where it must align with both federal tax regulations and provincial trust laws. The declaration establishes the trust's existence, transfers assets into the trust, names trustees and beneficiaries, and provides comprehensive instructions for trust administration. It's commonly used to avoid probate, maintain privacy, and provide efficient asset management. The document typically includes detailed provisions for asset distribution, trustee powers, succession planning, and trust modification or termination. The revocable nature allows the settlor to maintain control over the trust assets and make changes as circumstances evolve, distinguishing it from irrevocable trusts.
Suggested Sections

1. Declaration: Formal statement establishing the trust and identifying the settlor

2. Trust Name and Date: Official name of the trust and date of creation

3. Parties: Identification of settlor, trustee(s), and beneficiaries

4. Definitions: Key terms used throughout the declaration

5. Trust Property: Description of initial trust property and provisions for additions

6. Distribution Provisions: Rules governing how trust income and principal are distributed

7. Trustee Powers: Enumeration of trustee's authority and responsibilities

8. Revocation and Amendment: Terms under which the trust can be revoked or modified

9. Successor Trustees: Provisions for appointment and succession of trustees

10. Trust Administration: Rules for trust management, accounting, and reporting

11. Termination: Circumstances and procedures for trust termination

12. Governing Law: Specification of applicable jurisdictional law

13. Execution: Signature block and witnessing provisions

Optional Sections

1. Spendthrift Provision: Protection against beneficiaries' creditors and assignment of benefits

2. Special Needs Provisions: Specific provisions for beneficiaries with disabilities or special requirements

3. Tax Planning Provisions: Specific clauses to optimize tax treatment and benefits

4. Digital Assets: Provisions for handling digital assets and online accounts

5. Family Law Considerations: Provisions addressing marriage breakdown or family law claims

6. Charitable Giving: Provisions for charitable donations or establishing charitable purposes

7. Powers of Appointment: Provisions allowing certain parties to modify beneficiary interests

8. Investment Guidelines: Specific investment restrictions or requirements beyond statutory powers

Suggested Schedules

1. Schedule A - Initial Trust Property: Detailed inventory of assets initially transferred to the trust

2. Schedule B - Beneficiary Designations: Detailed information about beneficiaries and their respective interests

3. Schedule C - Distribution Schedule: Specific timing and conditions for distributions

4. Schedule D - Trustee Compensation: Details of trustee fees and reimbursement provisions

5. Appendix 1 - Contact Information: Contact details for all relevant parties and advisors

6. Appendix 2 - Tax Elections: Specific tax elections and treatments chosen for the trust

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Legal Services

Estate Planning

Wealth Management

Private Banking

Insurance

Real Estate

Family Office Services

Tax Advisory

Charitable Organizations

Relevant Teams

Legal

Wealth Management

Estate Planning

Trust Administration

Tax Advisory

Private Banking

Financial Planning

Investment Management

Client Services

Risk Management

Relevant Roles

Estate Planning Attorney

Trust Officer

Financial Advisor

Wealth Manager

Tax Specialist

Private Client Advisor

Estate Administrator

Trust Administrator

Probate Lawyer

Family Office Manager

Financial Planner

Investment Advisor

Corporate Trustee

Succession Planning Specialist

Trust and Estate Paralegal

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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