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Bare Trust Deed

Bare Trust Deed Template for Nigeria

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Key Requirements PROMPT example:

Bare Trust Deed

"I need a Bare Trust Deed to hold my Lagos commercial property for my three children as beneficiaries, with my brother acting as trustee, to be effective from March 1, 2025."

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Document background
The Bare Trust Deed is a fundamental legal instrument used in Nigerian property and asset management contexts. It establishes a straightforward trust arrangement where trustees hold legal title to property while beneficiaries retain absolute beneficial ownership and control. This document is particularly useful in family wealth planning, property holding arrangements, and business structuring scenarios. The deed must comply with Nigerian trust law, including the Trustee Act 1893 and relevant property legislation. It's commonly used when parties want to separate legal and beneficial ownership while maintaining the beneficiary's absolute right to direct the trustees. The document typically includes details of the trust property, parties involved, trustee powers (though limited in a bare trust), and the beneficiary's rights. It's essential for situations requiring nominee arrangements, property holding structures, or simplified trust relationships under Nigerian law.
Suggested Sections

1. Parties: Identifies and defines the Settlor, Trustee(s), and Beneficiary/Beneficiaries with their full legal names and addresses

2. Background: Sets out the context of the trust creation and the Settlor's intention to create a bare trust

3. Definitions: Defines key terms used throughout the deed including 'Trust Property', 'Trust Period', and other relevant terms

4. Declaration of Trust: The formal declaration establishing the trust and confirming the transfer of the Trust Property to the Trustee(s)

5. Trust Property: Detailed description of the assets being placed in trust

6. Trustee Powers and Duties: Specifies the limited powers and duties of the Trustee(s) in the context of a bare trust

7. Beneficiary Rights: Clearly states the absolute beneficial ownership and right of the beneficiary to direct the trustees

8. Duration of Trust: Specifies the trust period and any termination provisions

9. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes

10. Execution: Formal execution clause and signature blocks for all parties

Optional Sections

1. Trustee Indemnity: Optional clause providing protection for trustees against liabilities, recommended when dealing with complex assets

2. Trustee Retirement and Replacement: Include when multiple trustees are appointed or where succession planning is required

3. Trust Property Management: Include when the trust property requires specific management provisions

4. Tax Provisions: Include when there are specific tax considerations that need to be addressed

5. Notices: Include when formal communication procedures between parties need to be established

6. Power of Amendment: Optional clause allowing for future modifications, though less common in bare trusts

Suggested Schedules

1. Schedule 1 - Trust Property: Detailed inventory and description of all assets placed in trust

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

3. Schedule 3 - Initial Beneficiaries: Details of beneficiaries including full names, addresses, and their respective interests

4. Appendix A - Property Documents: Copies of relevant property titles or certificates if trust property includes real estate

5. Appendix B - Asset Valuations: Independent valuations of trust assets where required

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






























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Relevant Industries

Real Estate

Banking and Finance

Family Business

Wealth Management

Private Equity

Investment Management

Agriculture

Oil and Gas

Mining

Corporate Services

Relevant Teams

Legal

Compliance

Wealth Management

Property Management

Trust Administration

Corporate Services

Risk Management

Estate Planning

Asset Management

Investment Operations

Relevant Roles

Trust Officer

Legal Counsel

Estate Manager

Wealth Manager

Property Manager

Company Secretary

Compliance Officer

Private Client Advisor

Asset Manager

Investment Manager

Corporate Trustee

Family Office Manager

Real Estate Manager

Trust Administrator

Risk 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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