Bare Trust for Two or More Beneficiary Under 18 (One Settlor)
UK
This is a declaration made by an individual that they will hold and manage a property on the behalf of the beneficiary under a trust. This declaration includes the restrictions on the trustee and the applications that must be submitted to the Registry.
How to Tailor the Document for Your Need?
01
Create Document
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02
Fill Information
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03
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04
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The document should be signed by the authorised signatory (or directors of a company) and witnessed to complete the formality.
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Document Description
A Bare Trust for Two or More Beneficiaries Under 18 is a legal arrangement where a settlor transfers assets (the "Trust Fund") to trustees, who hold them on behalf of beneficiaries under the age of 18. This trust type is straightforward, ensuring the trustees manage and safeguard the assets for the beneficiaries until they reach adulthood.
This document is commonly required in the following scenarios:
- Inheritance Planning: When a settlor wishes to allocate specific assets to minors, ensuring they are used for the minors' benefit while preserving the assets until they mature.
- Gift Management: For managing significant gifts or financial contributions given to children, ensuring responsible oversight until they come of age.
- Family Arrangements: To provide financial security to children without transferring outright ownership until they turn 18.
Key Provisions:
- Trustees' Role: Trustees are obligated to hold the Trust Fund for the beneficiaries in equal shares. They may use income or capital from the trust for the beneficiaries’ benefit but cannot grant them full ownership until they turn 18.
- Investment Powers: Trustees can invest the trust assets widely, ensuring prudent financial management.
- Flexibility: Trustees may use the trust fund for education, living expenses, or other needs of the beneficiaries.
- Legal Framework: The trust operates under English law, offering clear jurisdictional guidelines.
This document is essential for safeguarding minors' financial interests and ensuring their assets are managed responsibly until they can make decisions independently. It provides legal clarity, minimizes risks, and aligns with the settlor's intentions
How to use this document?
1. Input Beneficiary and Settlor Information
- Write the full names and birth dates of the beneficiaries who will benefit from the trust.
- Include the name of the settlor (the person creating the trust) and confirm the amount or assets (the "Initial Fund") they will transfer to the trust.
2. Appoint and Identify Trustees
- Choose and document the names of the trustees responsible for managing the trust.
- Ensure trustees understand their duties, including managing the assets for the beneficiaries until they turn 18.
3. Customize the Trust Terms
- Review and adjust the document’s terms, if needed, to align with the settlor’s specific intentions.
- Specify how income and capital from the trust can be used for the beneficiaries' benefit before they reach 18.
- Confirm governing law (e.g., English law) and the jurisdiction of the trust.
4. Execute the Document Properly
- Have the settlor and trustees sign the document as a deed, following legal formalities such as witness signatures.
- Ensure the signed document is securely stored, and a copy is shared with the trustees for their reference and compliance.
By following these steps, the trust can be effectively established and managed in line with legal requirements and the settlor’s intentions.
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