A Declaration of Bare Trust is a crucial legal instrument in Irish law used to establish and document situations where one party (the trustee) holds legal title to property or assets purely for the benefit of another party (the beneficiary). This type of arrangement is commonly used in property transactions, investment structures, and family wealth planning. The document explicitly states that the trustee holds the property as a mere nominee, with no active management duties or discretionary powers. It's particularly useful in situations requiring separation of legal and beneficial ownership, such as property purchases, holding of investments, or structuring of business assets. The Declaration must comply with Irish trust law requirements and typically includes detailed information about the trust property, parties involved, and the passive nature of the trustee's role. This document type is distinct from other trust arrangements as it provides the beneficiary with absolute control over the trust property, with the trustee acting only on explicit instructions.
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1. Parties: Identifies and defines the Trustee(s) and the Beneficiary(ies) with their full legal names and addresses
2. Background: Explains the context of the bare trust arrangement and confirms the intention to create a bare trust
3. Definitions: Defines key terms used throughout the document including 'Trust Property', 'Trust Period', and any other relevant terms
4. Declaration of Trust: The formal declaration that the Trustee holds the Trust Property on bare trust for the Beneficiary
5. Trust Property: Detailed description of the property or assets being held in trust
6. Nature of Trust: Confirms this is a bare trust and explains the passive nature of the trustee's role
7. Trustee Powers and Duties: Outlines the limited powers and duties of the trustee in a bare trust arrangement
8. Beneficiary Rights: Confirms the absolute right of the beneficiary to direct the trustee regarding the trust property
9. Governing Law: Specifies that the trust is governed by the laws of Ireland
1. Multiple Trustees: Additional provisions required when there is more than one trustee, including decision-making processes
2. Trustee Retirement and Replacement: Procedures for changing trustees if needed, include when dealing with long-term arrangements
3. Tax Declarations: Specific tax-related declarations or acknowledgments, particularly relevant for certain types of assets
4. Anti-Money Laundering Compliance: Additional provisions regarding AML compliance, particularly relevant for high-value assets or complex arrangements
5. Costs and Expenses: Provisions regarding who bears any costs associated with the trust, if relevant
1. Schedule 1 - Trust Property Details: Detailed description and/or inventory of the trust property, including any relevant registration numbers, titles, or identifying features
2. Schedule 2 - Copy of Title Documents: Copies of relevant title documents or ownership certificates for the trust property
3. Schedule 3 - Beneficial Ownership Register: Details required for beneficial ownership registration under Irish law
4. Appendix A - Trustee Contact Details: Full contact information for all trustees and alternate contact points
5. Appendix B - Beneficiary Contact Details: Full contact information for all beneficiaries and their authorized representatives if applicable
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