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Revocable Declaration Of Trust

Revocable Declaration Of Trust Template for England and Wales

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Key Requirements PROMPT example:

Revocable Declaration Of Trust

"I need a Revocable Declaration of Trust to set up a family trust for my investment portfolio worth £2M, with my three adult children as beneficiaries and my sister and brother-in-law as trustees, to be effective from March 2025."

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Document background
A Revocable Declaration of Trust is commonly used in England and Wales when individuals wish to create a flexible trust arrangement that can be modified or terminated as circumstances change. This document is particularly valuable for estate planning, asset protection, and family wealth management. It details the trust property, beneficiary rights, trustee powers, and importantly, the settlor's right to revoke or amend the trust. The document must comply with English trust law principles and provides a comprehensive framework for trust administration while maintaining the settlor's control.
Suggested Sections

1. Parties: Identifies the settlor, trustees, and beneficiaries

2. Background: Sets out the context and purpose of the trust

3. Definitions: Defines key terms used throughout the declaration

4. Trust Property: Describes the assets being placed in trust

5. Trust Terms: Sets out how the trust property is to be held

6. Powers of Revocation: Details the circumstances and process for revoking the trust

7. Trustees' Powers: Lists the powers granted to trustees

Optional Sections

1. Investment Powers: Specific investment powers beyond statutory provisions - used when specific investment restrictions or permissions are required

2. Appointment and Removal of Trustees: Process for changing trustees - used when different from statutory provisions

3. Administrative Provisions: Specific administrative requirements - used when additional administration details are needed beyond standard provisions

Suggested Schedules

1. Schedule 1 - Trust Property: Detailed list of assets comprising the trust property

2. Schedule 2 - Beneficiaries: Details of beneficiaries and their respective interests

3. Schedule 3 - Trustees' Powers: Detailed list of specific powers granted to trustees

4. Schedule 4 - Administrative Provisions: Detailed administrative procedures and requirements

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
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Trustee Act 1925: Primary legislation defining trustees' powers and duties, and setting out administrative provisions for trusts

Trustee Act 2000: Modern legislation updating trustees' powers of investment, establishing statutory duty of care, and covering delegation of trustees' functions

Law of Property Act 1925: Deals with legal estates and interests in land; particularly relevant if trust property includes real estate

Trust of Land and Appointment of Trustees Act 1996: Governs trusts of land and defines trustees' powers regarding land management and disposition

Perpetuities and Accumulations Act 2009: Sets out rules against perpetuities and establishes restrictions on accumulation of income

Variation of Trusts Act 1958: Provides statutory framework for varying trust terms and conditions

Mental Capacity Act 2005: Relevant for assessing settlor's capacity to create and revoke trust, and establishing mental capacity requirements

Finance Act 2006: Establishes tax implications and considerations for trust creation and administration

Wills Act 1837: Relevant legislation when trust relates to testamentary dispositions or is created by will

Teams

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