A Declaration of Bare Trust is a crucial document in New Zealand trust law that establishes a simple form of trust relationship where the trustee holds legal title to property solely as a nominee for the beneficiary. This document type is commonly used in situations where separation of legal and beneficial ownership is required, such as in property transactions, investment structures, or family arrangements. The declaration must comply with the New Zealand Trusts Act 2019 and related legislation, clearly identifying the parties, trust property, and the passive nature of the trustee's role. The document typically includes details of the trust property, parties' information, and specific instructions for dealing with the trust assets. A Declaration of Bare Trust is particularly useful in scenarios where confidentiality is desired or where regulatory requirements necessitate a nominee holding arrangement.
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1. Parties: Identifies and provides full details of the Trustee(s) and Beneficiary(ies)
2. Background: Sets out the context of the bare trust arrangement and confirms the intention to create a bare trust
3. Definitions: Defines key terms used in the declaration
4. Declaration of Trust: The formal declaration that the Trustee holds the Trust Property on bare trust for the Beneficiary
5. Trust Property: Clear identification and description of the property held on bare trust
6. Nature of Bare Trust: Confirms the passive nature of the trust and that the trustee will act only on the beneficiary's direction
7. Trustee Powers and Duties: Limited statement of trustee's basic obligations in a bare trust context
8. Beneficiary Rights: Confirmation of the beneficiary's absolute beneficial ownership and right to direct the trustee
9. Execution: Formal execution clause and signing requirements
1. Multiple Trustees: Required when there is more than one trustee, setting out how they must act (usually jointly)
2. Transfer Instructions: Include when specific instructions for future transfer of the trust property need to be documented
3. Costs and Expenses: Include when there may be costs associated with holding or transferring the trust property
4. Governing Law: Include when there are international elements to the trust arrangement
5. Trustee Indemnity: Optional additional protection for trustees, though limited in scope due to bare trust nature
6. Registration Requirements: Include when the trust property requires registration or formal transfer of title
1. Schedule 1 - Trust Property: Detailed description and/or schedule of all property held on bare trust
2. Schedule 2 - Party Details: Full names, addresses, and identification details of all parties
3. Schedule 3 - Transfer Instructions: Specific instructions for future transfer of trust property (if applicable)
4. Appendix A - Copy of Property Title: Copies of relevant property titles or ownership documents
5. Appendix B - Identity Verification: Copies of identity verification documents for AML/CFT compliance
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