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Declaration of Trust for Nominees

Personal

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.

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Document Description

A Declaration of Trust is a legal document used when an individual, referred to as the nominee, holds shares on behalf of another individual, known as the beneficial owner. This document clarifies that the nominee has no beneficial interest in the shares and that the shares are held solely for the benefit of the beneficial owner

A Declaration of Trust is required in various scenarios, primarily to safeguard the interests of the beneficial owner when shares are held in the name of a nominee. Here are some common situations where this document is essential:

  1. Nominee Shareholding: When an individual or entity holds shares on behalf of another person. This ensures that the beneficial owner’s interest is recognized and protected, even though the nominee’s name appears on the company’s share register.

  2. Succession Planning: To avoid complications in the transfer of shares upon the death or incapacitation of the nominee. The beneficial owner can smoothly transfer the shares without needing further cooperation from the nominee or their estate.

  3. Employee Share Schemes: When shares are held by an employee on behalf of the company or another entity. If the employee leaves or is terminated, the beneficial owner retains control over the shares.

  4. Financial Security: When shares are used as security for a loan or other financial arrangements. The beneficial owner can ensure that the shares are not misused or disposed of without their consent.

By executing a Declaration of Trust, the beneficial owner secures their interests and ensures that the shares are managed and transferred according to their directions, providing clarity and legal protection in the management of shareholdings.

How to use this document?

 

To use the Declaration of Trust document effectively, follow these steps:

1. Ensure all information is accurate and reflects the current status of the shareholding.

2. The declarant (nominee) must sign the document in the presence of a witness.

3. The witness should also sign the document, providing their full name and address.

4. Ensure the document is duly delivered as a deed. This formalizes the declaration of trust and makes it legally binding.

5. Keep copies of the signed and witnessed document for both the nominee and the beneficial owner.

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