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Declaration Of Bare Trust And Agency Agreement

Declaration Of Bare Trust And Agency Agreement Template for India

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Key Requirements PROMPT example:

Declaration Of Bare Trust And Agency Agreement

"I need a Declaration of Bare Trust and Agency Agreement for a residential property in Mumbai, where my sister will act as trustee and agent to manage the property while I'm working abroad for 3 years starting January 2025; the agreement should include comprehensive property management powers and regular reporting requirements."

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Document background
The Declaration of Bare Trust and Agency Agreement is a specialized legal instrument used in India when there is a need to establish a structure where property is held by a trustee who also acts as an agent for the beneficiary. This arrangement is particularly useful in situations where the beneficial owner wants to maintain control over the property while delegating its legal ownership and management to another party. The document must comply with both the Indian Trusts Act, 1882 and the Indian Contract Act, 1872, making it suitable for various purposes including property management, investment holding, and family wealth arrangements. The agreement typically includes detailed provisions about the trust property, the scope of the trustee's duties, agency powers, instruction mechanisms, and termination provisions. It's commonly used in business structuring, family settlements, and investment management scenarios where separation of legal and beneficial ownership is desired while maintaining practical control through agency powers.
Suggested Sections

1. Parties: Identifies and defines the Settlor, Trustee/Agent, and Beneficiary with their full legal names and addresses

2. Background: Sets out the context of the arrangement, including the intention to create a bare trust and the appointment of the trustee as agent

3. Definitions: Defines key terms used throughout the agreement including 'Trust Property', 'Bare Trust', 'Agency Powers', etc.

4. Declaration of Trust: Formal declaration establishing the bare trust and confirming the trustee holds the Trust Property as bare trustee

5. Trust Property: Describes and identifies the property being held in trust

6. Trustee Powers and Duties: Outlines the limited powers of the trustee in a bare trust arrangement

7. Agency Appointment: Formal appointment of the trustee as agent and scope of agency authority

8. Agency Powers: Detailed description of the powers granted to the agent

9. Instructions and Directions: Mechanism for the beneficiary to give instructions to the trustee/agent

10. Fees and Expenses: Details of any fees payable to the trustee/agent and handling of expenses

11. Termination: Circumstances and process for terminating the bare trust and agency relationship

12. Governing Law and Jurisdiction: Confirms Indian law as governing law and specifies jurisdiction for disputes

Optional Sections

1. Tax Matters: Include when specific tax arrangements or obligations need to be addressed

2. Successor Trustee Provisions: Include when arrangements for replacement trustees need to be specified

3. Indemnification: Include when specific indemnities are required beyond standard protections

4. Reporting Requirements: Include when specific reporting obligations need to be established

5. Confidentiality: Include when handling sensitive information or specific confidentiality requirements exist

6. Force Majeure: Include when specific provisions for unforeseen circumstances are required

7. Anti-Money Laundering Compliance: Include when dealing with financial assets or transactions

Suggested Schedules

1. Schedule 1 - Trust Property: Detailed description and/or inventory of all property held in the bare trust

2. Schedule 2 - Agency Powers: Comprehensive list of specific powers granted to the agent

3. Schedule 3 - Fee Schedule: Detailed breakdown of all fees and charges applicable

4. Schedule 4 - Specimen Signatures: Specimen signatures of all parties for verification purposes

5. Schedule 5 - Communication Protocols: Procedures for giving and receiving instructions and notifications

6. Appendix A - Required Forms: Standard forms for giving instructions or making requests under the agreement

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

Financial Services

Real Estate

Investment Management

Banking

Family Office Services

Wealth Management

Corporate Services

Trust Services

Property Management

Legal Services

Relevant Teams

Legal

Compliance

Wealth Management

Trust Services

Property Management

Investment Management

Corporate Services

Risk Management

Operations

Financial Control

Relevant Roles

Trust Manager

Legal Counsel

Compliance Officer

Wealth Manager

Property Manager

Investment Manager

Corporate Trustee

Trust Administrator

Legal Director

Company Secretary

Risk Manager

Estate Planning Advisor

Financial Controller

Asset Manager

Operations Manager

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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