The Flexible Trust Deed is a sophisticated legal instrument used in Ireland for establishing discretionary trusts that offer maximum flexibility in asset management and distribution. This document type is particularly valuable when settlors wish to maintain adaptability in how their assets are managed and distributed over time, while ensuring compliance with Irish trust law and tax regulations. The deed is commonly used in estate planning, family wealth management, and business succession scenarios. A Flexible Trust Deed typically includes detailed provisions for trustee powers, beneficiary rights, and trust administration, while incorporating protective measures to ensure the trust's longevity and effectiveness. It's especially suitable when circumstances may change over time and trustees need broad discretionary powers to respond to future events or changing beneficiary needs.
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1. Parties: Identifies the Settlor(s) and initial Trustees, including their full names and addresses
2. Background: Sets out the context and intention to create the trust, including any relevant background information
3. Definitions: Defines key terms used throughout the deed, including 'Trust Fund', 'Beneficiaries', 'Trust Period', etc.
4. Declaration of Trust: Formal declaration establishing the trust and transfer of initial assets
5. Beneficiaries: Defines the class of beneficiaries and their potential entitlements
6. Trustees' Powers: Comprehensive list of powers granted to trustees in managing the trust
7. Administrative Provisions: Details day-to-day management of the trust, including decision-making processes
8. Trust Period: Specifies the duration of the trust and any perpetuity provisions
9. Distribution Provisions: Sets out how and when trustees may distribute trust assets
10. Appointment and Removal of Trustees: Procedures for changing trustees
11. Trustees' Indemnity and Liability: Defines extent of trustees' liability and protection
12. Governing Law and Jurisdiction: Confirms Irish law governs the trust and Irish courts have jurisdiction
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. Business Property Provisions: Include when trust assets include business interests
4. Charity Provisions: Include when charitable beneficiaries are contemplated
5. Minor Beneficiaries: Include when beneficiaries under 18 are specifically included
6. Investment Policy: Include when specific investment guidelines are needed
7. Foreign Asset Provisions: Include when trust holds non-Irish assets
1. Schedule 1 - Initial Trust Property: Details of assets initially settled into the trust
2. Schedule 2 - Named Beneficiaries: List of specifically named beneficiaries and their details
3. Schedule 3 - Trustees' Powers: Detailed list of specific powers granted to trustees
4. Schedule 4 - Administrative Provisions: Detailed procedures for trust administration
5. Appendix A - Letter of Wishes: Non-binding memorandum from settlor regarding trust administration
6. Appendix B - Investment Guidelines: Specific investment parameters and policies
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