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Life Insurance Trust Deed
"I need a Life Insurance Trust Deed under Hong Kong law for a family trust arrangement, where the primary beneficiaries are my three children with equal distribution, and I want to include specific provisions for education expenses before they reach 25 years old."
1. Parties: Identifies the Settlor (policy owner), the Trustees, and any other parties to the deed
2. Background: Sets out the context of the trust creation and details of the life insurance policy being placed in trust
3. Definitions: Defines key terms used throughout the deed
4. Declaration of Trust: The formal establishment of the trust and assignment of the life insurance policy
5. Trust Powers: Details the powers granted to the trustees in managing the trust
6. Beneficiary Provisions: Specifies who the beneficiaries are and their respective entitlements
7. Trust Period: Defines the duration of the trust and any termination provisions
8. Trustee Provisions: Sets out trustee appointment, retirement, and replacement procedures
9. Administrative Provisions: Details the day-to-day administration of the trust
10. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes
11. Execution: Formal execution block for all parties to sign
1. Settlor's Powers: Additional powers reserved to the settlor - used when the settlor wishes to retain certain controls
2. Protector Provisions: Used when a protector is appointed to oversee certain aspects of the trust
3. Foreign Asset Provisions: Required when the trust may hold or deal with assets in other jurisdictions
4. Tax Provisions: Specific tax-related clauses when particular tax treatment is sought
5. Letter of Wishes: Non-binding guidance from settlor to trustees - used when flexibility in distribution is desired
6. Variation Powers: Enhanced powers to vary trust terms - used when greater flexibility may be needed
1. Schedule 1 - Insurance Policy Details: Full details of the life insurance policy being placed in trust
2. Schedule 2 - Initial Trust Assets: Details of any additional assets being settled into the trust besides the policy
3. Schedule 3 - Beneficiary Schedule: Detailed list of beneficiaries and their respective shares or interests
4. Schedule 4 - Trustee Powers: Comprehensive list of specific powers granted to the trustees
5. Appendix A - Administrative Provisions: Detailed administrative procedures and requirements
6. Appendix B - Trustee Remuneration: Schedule of trustee fees and payment terms if applicable
Authors
Insurance
Financial Services
Wealth Management
Legal Services
Estate Planning
Private Banking
Trust Services
Financial Advisory
Legal
Compliance
Wealth Management
Trust Administration
Estate Planning
Insurance Operations
Risk Management
Private Banking
Financial Advisory
Trust Administrator
Estate Planning Lawyer
Insurance Agent
Financial Advisor
Wealth Manager
Private Banker
Trust Officer
Compliance Officer
Legal Counsel
Risk Manager
Estate Planning Consultant
Insurance Underwriter
Trust Operations Manager
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