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Family Trust Agreement

Family Trust Agreement Template for Ireland

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Key Requirements PROMPT example:

Family Trust Agreement

"I need a Family Trust Agreement to transfer my technology company shares and other business assets to benefit my three children equally, with the trust becoming active from March 2025 and including provisions for professional trustees with experience in business management."

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Document background
The Family Trust Agreement is a sophisticated legal instrument used in Ireland for family wealth management, asset protection, and succession planning. It becomes necessary when individuals wish to establish a structured arrangement for managing family assets across generations while potentially achieving tax efficiency and asset protection. The document creates a trust relationship where trustees hold and manage assets for the benefit of family members, incorporating specific provisions required under Irish law, including compliance with the Succession Act 1965 and the Trustee Act 1893. This agreement is particularly relevant in scenarios involving substantial family wealth, business succession, provision for minor children, or special needs family members, and can be customized to accommodate various family circumstances while ensuring compliance with Irish trust and tax laws.
Suggested Sections

1. Parties: Identifies the Settlor(s), initial Trustees, and any Protector of the trust

2. Background: Explains the context and purpose for establishing the trust

3. Definitions: Defines key terms used throughout the agreement

4. Declaration of Trust: Formal establishment of the trust and transfer of initial trust property

5. Trust Powers: Details the powers granted to trustees in managing and administering the trust

6. Beneficiaries: Identifies and defines the class of beneficiaries and their respective interests

7. Distribution Provisions: Sets out rules and guidelines for distributing trust income and capital

8. Trustee Provisions: Details trustee appointment, removal, retirement, and replacement procedures

9. Administrative Provisions: Covers day-to-day trust administration, including meetings, decisions, and record-keeping

10. Trust Period: Specifies the duration of the trust and conditions for termination

11. Governing Law and Jurisdiction: Confirms Irish law as governing law and establishes jurisdiction for disputes

Optional Sections

1. Protector Provisions: Required when a protector is appointed to oversee trustees and provide additional security

2. Letter of Wishes: Non-binding guidance from the settlor to trustees about trust administration

3. Investment Provisions: Detailed investment powers and restrictions beyond standard trustee powers

4. Tax Provisions: Specific provisions for tax planning and management

5. Foreign Element Provisions: Required when trust has international aspects or beneficiaries

6. Special Needs Provisions: Required when providing for beneficiaries with special needs or disabilities

7. Business Interest Provisions: Required when trust property includes business assets or shares

8. Conflict Resolution: Detailed procedures for resolving disputes between trustees or beneficiaries

Suggested Schedules

1. Schedule 1 - Initial Trust Property: Detailed list and description of assets initially settled into the trust

2. Schedule 2 - Trustee Powers: Comprehensive list of specific powers granted to trustees

3. Schedule 3 - Beneficiary Details: Full details of initial beneficiaries and their respective interests

4. Schedule 4 - Trustee Remuneration: Details of any fees or compensation for professional trustees

5. Appendix A - Letter of Wishes: Settlor's non-binding guidance document to trustees

6. Appendix B - Investment Guidelines: Detailed investment policies and restrictions

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

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

Legal Services

Wealth Management

Private Banking

Financial Services

Tax Advisory

Estate Planning

Private Client Services

Family Office Services

Professional Services

Trust Services

Relevant Teams

Legal

Wealth Management

Private Banking

Trust Administration

Tax Advisory

Compliance

Estate Planning

Private Client

Financial Advisory

Risk Management

Relevant Roles

Private Client Lawyer

Trust Officer

Wealth Manager

Tax Advisor

Estate Planning Attorney

Family Office Manager

Trust Administrator

Private Banker

Financial Advisor

Compliance Officer

Legal Counsel

Probate Specialist

Asset Manager

Trust Accountant

Professional Trustee

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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