The Revocable Declaration of Trust is commonly used in Australian estate planning and asset management when individuals wish to create a flexible trust structure while maintaining control over their assets. This document is particularly useful for those seeking to establish a trust without immediately transferring assets to third-party trustees. It complies with Australian trust law requirements and tax regulations, addressing both federal and state jurisdictional requirements. The document typically includes comprehensive provisions for trust administration, distribution rules, trustee powers, and revocation rights. It's especially relevant in situations where the settlor wants to maintain the ability to modify or terminate the trust arrangement in response to changing circumstances, making it a valuable tool for dynamic estate planning and asset protection strategies.
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1. Parties: Identifies the Settlor/Trustee (who may be the same person in a self-declared trust) and any additional trustees
2. Background: Sets out the context and intention to create the trust, including the voluntary nature of the declaration
3. Definitions: Defines key terms used throughout the document
4. Declaration of Trust: The formal declaration creating the trust and specifying its revocable nature
5. Trust Property: Describes the initial trust property and provisions for additions to the trust fund
6. Beneficiaries: Identifies and defines the class of beneficiaries and their respective interests
7. Powers of Revocation: Details the circumstances and process for revoking or amending the trust
8. Trustee Powers: Comprehensive list of powers granted to the trustees in managing the trust
9. Distribution Provisions: Rules and procedures for making distributions to beneficiaries
10. Administrative Provisions: General provisions for trust administration and management
11. Trustee Duties: Specifies the fundamental obligations and duties of the trustees
12. Execution: Formal execution clause and signature blocks
1. Appointment and Removal of Trustees: Used when specific procedures for trustee succession are desired beyond statutory provisions
2. Investment Powers: Detailed investment guidelines when specific investment restrictions or permissions are required
3. Minor Beneficiaries: Include when there are beneficiaries under the age of 18
4. Foreign Beneficiaries: Include when there are overseas beneficiaries to address international tax implications
5. Business Operation Provisions: Include when trust property includes business assets
6. Perpetuity Period: Include when specific perpetuity arrangements are needed
7. Conflict Resolution: Include when specific dispute resolution procedures are desired
8. Privacy and Confidentiality: Include when specific privacy provisions are required beyond common law obligations
1. Schedule A - Initial Trust Property: Detailed inventory and description of the initial trust assets
2. Schedule B - Beneficiary Details: Full details of initial beneficiaries and their respective entitlements
3. Schedule C - Investment Powers: Detailed investment guidelines and restrictions
4. Schedule D - Administrative Procedures: Specific procedures for trust administration, meetings, and decision-making
5. Schedule E - Revocation Procedures: Detailed procedures and forms for executing trust revocation
6. Appendix 1 - Consent Forms: Template forms for various consent requirements
7. Appendix 2 - Distribution Request Forms: Standard forms for beneficiaries to request distributions
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