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Life Trust Deed

Life Trust Deed Template for Nigeria

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Key Requirements PROMPT example:

Life Trust Deed

"I need a Life Trust Deed to establish a family trust for my three children, with assets including my Lagos property portfolio and business interests, to be managed by a professional trustee company starting March 2025, with specific provisions for education expenses and business succession planning."

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Document background
The Life Trust Deed is a vital estate planning instrument in Nigerian legal practice, used to create a trust during the settlor's lifetime rather than through a will. This document is essential when individuals wish to establish a structured arrangement for asset management and distribution while maintaining some control over their wealth during their lifetime. It must comply with Nigerian trust law, including the Trustee Act of 1961, Land Use Act 1978, and where applicable, Islamic law principles in northern states. The deed typically includes detailed provisions for trust administration, asset management, beneficiary distributions, and trustee powers, making it suitable for complex family arrangements, business succession planning, and charitable purposes. It's particularly valuable for high-net-worth individuals, family businesses, and those seeking to protect and preserve assets for future generations while minimizing potential disputes and ensuring efficient wealth transfer.
Suggested Sections

1. Parties: Identification of the Settlor, Trustees, and named Beneficiaries

2. Background: Context of the trust creation and settlor's intentions

3. Definitions: Key terms used throughout the deed including 'Trust Property', 'Trust Period', 'Beneficiaries'

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

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

6. Trustee Duties: Mandatory obligations and responsibilities of trustees

7. Beneficiary Rights: Rights and entitlements of beneficiaries under the trust

8. Trust Period: Duration of the trust and conditions for termination

9. Distribution Provisions: Rules and mechanisms for distributing trust income and capital

10. Amendment Provisions: Circumstances and procedures for amending trust terms

11. Appointment and Removal of Trustees: Procedures for changing trustees

12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and relevant jurisdiction

13. Execution and Attestation: Formal execution requirements and witness provisions

Optional Sections

1. Sharia Compliance Clause: Required when trust must comply with Islamic law principles in northern Nigerian states

2. Protector Provisions: Used when appointing a trust protector to oversee trustees

3. Special Needs Provisions: Required when beneficiaries have specific care requirements or disabilities

4. Business Interest Management: Needed when trust property includes business assets or shares

5. Charitable Purposes: Required when part of the trust is for charitable purposes

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

7. Foreign Asset Provisions: Required when trust includes assets located outside Nigeria

8. Conflict Resolution: Optional detailed dispute resolution procedures

Suggested Schedules

1. Schedule 1 - Trust Property: Detailed inventory of initial trust assets and properties

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

3. Schedule 3 - Initial Beneficiaries: Full details of initial beneficiaries and their respective interests

4. Schedule 4 - Distribution Rules: Detailed rules and formulas for income and capital distribution

5. Appendix A - Administrative Provisions: Detailed procedures for trust administration

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

7. Appendix C - Fee Schedule: Details of trustee remuneration and trust expenses

8. Appendix D - Contact Information: Contact details for all relevant parties and advisors

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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