A Trust Settlement Agreement is a crucial legal instrument used in Hong Kong for establishing formal trust arrangements. This document is essential when individuals or entities wish to transfer assets to be managed by trustees for the benefit of specified beneficiaries. It's commonly used in estate planning, family wealth management, charitable purposes, and corporate structuring. The agreement must comply with Hong Kong's trust laws, particularly the Trustee Ordinance (Cap. 29) and the Perpetuities and Accumulations Ordinance (Cap. 257). It contains detailed provisions regarding trust property, trustee powers and duties, beneficiary rights, trust administration procedures, and distribution mechanisms. The document is particularly relevant in Hong Kong's financial center context, where trusts are frequently used for international asset management and succession planning.
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1. Parties: Identifies the Settlor, Trustee(s), and any Protector or Enforcer of the trust
2. Background: Sets out the context and purpose of the trust settlement
3. Definitions: Defines key terms used throughout the agreement
4. Declaration of Trust: Formal establishment of the trust and transfer of assets to trustees
5. Trust Property: Detailed description of the initial trust assets and provisions for additions
6. Beneficiaries: Identifies the beneficiaries and their respective interests
7. Powers of Trustees: Comprehensive list of trustees' powers in managing the trust
8. Duties of Trustees: Obligations and responsibilities of the trustees
9. Trust Administration: Procedures for managing the trust, including meetings and decision-making
10. Distribution Provisions: Rules governing how and when trust assets can be distributed
11. Trust Period: Duration of the trust and termination provisions
12. Governing Law and Jurisdiction: Confirms Hong Kong law as governing law and jurisdiction
13. Execution: Signature blocks and execution formalities
1. Protector Provisions: Include when a protector is appointed to oversee certain trustee actions
2. Letter of Wishes: Include when the settlor wishes to provide non-binding guidance to trustees
3. Change of Trustees: Include detailed provisions for trustee retirement and appointment when requested
4. Investment Provisions: Include specific investment powers and restrictions beyond statutory provisions
5. Charitable Purposes: Include when the trust has charitable elements or purposes
6. Foreign Element Provisions: Include when trust has international aspects or foreign beneficiaries
7. Trust Company Provisions: Include when a corporate trustee is appointed
8. Arbitration Clause: Include when parties want disputes resolved through arbitration
1. Schedule 1: Initial Trust Property: Detailed inventory of assets initially settled into the trust
2. Schedule 2: Trustee Powers: Comprehensive list of specific powers granted to trustees
3. Schedule 3: Trustee Remuneration: Details of trustee fees and reimbursement provisions
4. Schedule 4: Administrative Provisions: Detailed procedures for trust administration
5. Schedule 5: Beneficiary Schedule: Full details of beneficiaries and their respective interests
6. Appendix A: Letter of Wishes: Non-binding memorandum from settlor regarding trust administration
7. Appendix B: Investment Guidelines: Detailed investment parameters and restrictions
8. Appendix C: Deed of Retirement and Appointment: Template for future trustee changes
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