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Family Trust Agreement

Family Trust Agreement Template for Denmark

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Family Trust Agreement

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Document background
The Family Trust Agreement serves as the foundational document for establishing and managing family wealth structures under Danish law. While Denmark doesn't recognize traditional common law trusts, these arrangements are typically structured as foundations or similar legal entities that achieve trust-like objectives. The document is essential when families wish to establish a formal structure for managing and preserving wealth across generations, providing for family members, and potentially maintaining family business interests. It details the transfer of assets to the trust, governance mechanisms, distribution policies, and administrative procedures while ensuring compliance with Danish foundation law, inheritance regulations, and tax requirements. The agreement is particularly relevant for high-net-worth families seeking to implement sophisticated estate planning strategies while maintaining control over asset distribution and family wealth preservation.
Suggested Sections

1. Parties: Identifies the settlor(s), initial trustees, and any protector or advisory board members

2. Background: Sets out the context and purpose for establishing the trust, including the settlor's intentions

3. Definitions: Defines key terms used throughout the agreement

4. Trust Establishment: Formally establishes the trust and details its name, purpose, and initial trust property

5. Trust Property: Describes the initial assets being placed in trust and provisions for accepting additional property

6. Beneficiaries: Identifies and defines classes of beneficiaries and their respective rights

7. Distribution Rules: Establishes rules and principles for making distributions to beneficiaries

8. Trustee Powers and Duties: Details the powers, responsibilities, and limitations of trustees

9. Decision Making: Outlines procedures for trustee decision-making and voting requirements

10. Investment Guidelines: Specifies permitted investments and investment strategy guidelines

11. Administrative Provisions: Covers operational aspects including record-keeping, reporting, and accounting requirements

12. Amendment and Termination: Specifies conditions and procedures for modifying or terminating the trust

13. Governing Law and Jurisdiction: Confirms Danish law as governing law and specifies jurisdiction for disputes

Optional Sections

1. Protector Provisions: Required when a protector is appointed to oversee certain aspects of trust administration

2. Advisory Board: Included when an advisory board is established to guide trust management

3. Conflict Resolution: Detailed dispute resolution procedures, recommended for larger family trusts

4. Tax Provisions: Specific tax planning provisions, included when complex tax arrangements are needed

5. Foreign Asset Provisions: Required when trust holds or may hold assets outside Denmark

6. Succession Planning: Detailed provisions for generational transfer of control, recommended for long-term family trusts

7. Business Interest Management: Required when trust holds family business interests

8. Charitable Purposes: Included when trust has charitable components alongside family benefit provisions

Suggested Schedules

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

2. Schedule 2 - Beneficiary Classes: Detailed definitions and categories of beneficiaries

3. Schedule 3 - Investment Guidelines: Specific investment policies and restrictions

4. Schedule 4 - Trustee Remuneration: Details of trustee compensation and expense reimbursement

5. Schedule 5 - Distribution Policy: Detailed guidelines for making distributions

6. Appendix A - Initial Trustees: Names and details of initial trustees

7. Appendix B - Trust Protector Guidelines: Detailed roles and responsibilities of trust protector if appointed

8. Appendix C - Administrative Procedures: Detailed procedures for trust administration and record-keeping

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