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Living Trust Deed

Living Trust Deed Template for Nigeria

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Key Requirements PROMPT example:

Living Trust Deed

"I need a Living Trust Deed to establish a family trust in Nigeria that will manage my residential properties in Lagos and Abuja, investment portfolio, and banking assets, with primary distribution to my three children and contingent provisions for my grandchildren, to be effective from March 2025."

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Document background
A Living Trust Deed is essential for individuals and organizations seeking to establish a trust structure in Nigeria for effective asset management and succession planning. This document is particularly relevant when there's a need to transfer and manage assets during the settlor's lifetime while ensuring proper distribution to beneficiaries according to specified terms. The deed must comply with Nigerian trust law, including the Trustee Act of 1958 and related legislation, and can accommodate various assets including real estate (subject to the Land Use Act), investments, and business interests. It's commonly used for family wealth management, charitable purposes, and estate planning, offering greater flexibility and privacy compared to traditional wills while providing tax efficiency and asset protection benefits under Nigerian law.
Suggested Sections

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

2. Background: Sets out the context and intention of the Settlor in creating the trust

3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes rules of interpretation

4. Declaration of Trust: Formal creation of the trust and transfer of assets to trustees

5. Trust Period: Specifies the duration of the trust and any termination conditions

6. Powers and Duties of Trustees: Comprehensive list of trustees' powers and responsibilities in managing trust assets

7. Rights of Beneficiaries: Details the entitlements and rights of beneficiaries under the trust

8. Income and Capital Distribution: Rules governing how trust income and capital are to be distributed

9. Appointment and Removal of Trustees: Procedures for changing trustees and minimum number requirements

10. Amendment Provisions: Mechanisms for modifying trust terms if necessary

11. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and relevant jurisdiction

12. Execution and Dating: Formal execution requirements and dating of the deed

Optional Sections

1. Charitable Purposes: Required when the trust includes charitable elements or beneficiaries

2. Business Assets Provisions: Needed when trust assets include business interests or commercial properties

3. Spendthrift Provisions: Used to protect beneficiaries' interests from creditors or financial mismanagement

4. Foreign Assets: Required when trust includes assets located outside Nigeria

5. Guardian Provisions: Included when beneficiaries include minors or persons requiring guardianship

6. Investment Guidelines: Detailed investment parameters when trust includes significant financial assets

7. Successor Settlor Rights: Optional provisions for maintaining certain settlor rights after death or incapacity

Suggested Schedules

1. Schedule 1: Trust Assets: Comprehensive list and description of all assets initially settled into the trust

2. Schedule 2: Beneficiary Entitlements: Detailed breakdown of beneficiary interests and distribution arrangements

3. Schedule 3: Trustee Powers: Expanded list of specific powers granted to trustees

4. Schedule 4: Administrative Provisions: Detailed administrative procedures and requirements

5. Appendix A: Asset Valuation: Initial valuation of trust assets at the time of settlement

6. Appendix B: Investment Policy: Detailed investment guidelines and restrictions

7. Appendix C: Distribution Framework: Specific rules and conditions for trust distribution

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

Financial Services

Estate Management

Private Banking

Wealth Management

Real Estate

Family Business

Trust Services

Corporate Services

Professional Services

Relevant Teams

Legal

Wealth Management

Estate Planning

Trust Administration

Private Banking

Compliance

Risk Management

Asset Management

Property Management

Tax Advisory

Relevant Roles

Estate Planning Lawyer

Trust Officer

Wealth Manager

Financial Advisor

Private Banker

Legal Counsel

Trust Administrator

Estate Manager

Corporate Trustee

Tax Consultant

Property Manager

Investment Manager

Compliance Officer

Risk Manager

Family Office 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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