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Trust Settlement Agreement
"Need a Trust Settlement Agreement for a family business succession plan, where company shares will be held in trust for my tHRee children, with my brother serving as trustee and distributions starting from January 2025."
1. Parties: Identifies the settlor, trustee(s), and beneficiaries
2. Background: Sets out the context and purpose of the trust settlement
3. Definitions: Defines key terms used tHRoughout the agreement
4. Trust Declaration: Formal declaration of trust and settlement of assets
5. Trust Powers: Powers granted to trustees in managing the trust
6. Beneficiary Rights: Rights and entitlements of beneficiaries
7. Trust Administration: Rules for managing and administering the trust
8. Trustee Duties: Obligations and responsibilities of trustees
1. Protector Provisions: Powers and duties of trust protector - include when a trust protector is appointed
2. Investment Guidelines: Specific investment rules and restrictions - include for trusts with substantial investment portfolios
3. Foreign Element Provisions: Provisions dealing with international aspects - include for trusts with cross-border elements
4. Variation Powers: Powers to modify trust terms - include when flexibility in trust terms is desired
1. Schedule of Initial Trust Assets: Detailed list of assets initially settled into the trust
2. Schedule of Beneficiaries: Complete list of beneficiaries and their respective interests
3. Investment Policy Statement: Detailed investment guidelines and objectives
4. Trustee Remuneration Schedule: Details of trustee fees and compensation
5. Letter of Wishes: Non-binding guidance from settlor to trustees
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