The Declaration of Bare Trust is a fundamental legal instrument in England and Wales used to formally document situations where one party holds legal title to assets while another party maintains beneficial ownership. This arrangement is particularly useful in property transactions, family wealth planning, and situations requiring asset protection. The document clearly sets out the roles and responsibilities of trustees, identifies the trust property, and confirms the beneficial interests of the beneficiaries. Unlike discretionary or complex trusts, a Declaration of Bare Trust creates a simple and transparent structure where the trustee has no active management duties.
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1. Parties: Identifies the trustee(s) and beneficiary(ies)
2. Background: Sets out the context and purpose of creating the bare trust
3. Definitions: Defines key terms used in the declaration
4. Declaration of Trust: The formal declaration establishing the bare trust
5. Trust Property: Detailed description of the assets held in trust
6. Trustee Powers and Duties: Specifies the scope of trustee authority and responsibilities
1. Trustee Remuneration: Include when trustees are to be compensated for their services - typically used when professional trustees are appointed
2. Delegation Powers: Powers to delegate trustee responsibilities - used when multiple trustees are involved or professional management may be required
3. Replacement of Trustees: Procedure for appointing new trustees - used when long-term trust administration is anticipated
1. Schedule 1 - Trust Property: Detailed inventory of trust assets
2. Schedule 2 - Trustee Powers: Comprehensive list of trustee powers if extending beyond statutory powers
3. Appendix A - Asset Valuations: Independent valuations of trust property where required
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