This Deed is dated 27 November 2024

Between

(1)            PARTY_2_NAME whose principal place of business is at PARTY_1_ADDRESS_SINGLE_LINE (Settlor)

(2)             whose principal place of business is at PARTY_2_ADDRESS_SINGLE_LINE (Trustee)

Background

1. The Settlor have decided to create a bare trust for BENEFICIARY_NAME, who was born on  (Beneficiary).
2. The Settlor has paid, or will pay, the Initial Fund to the Trustee.

Agreed terms

1. Bare trust

The Trustee must hold the Trust Fund on trust for the Beneficiary absolutely.

2. Trust income

2.1 While the Beneficiary is under 18, the Trustee:

(a) may pay some or all of the income from the Trust Fund to the Beneficiary or use it for Beneficiary's  benefit; and

(b) subject to any exercise of the Trustee' power under clause 2.1(a), must add the income to the Trust Fund.

2.2  Section 31 of the Trustee Act 1925 does not apply to this trust.

3. Trust capital

3.1 While the Beneficiary is under 18, the Trustee may pay some or all of the capital of the Trust Fund to the Beneficiary or use it for the Beneficiary's benefit. 

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