The Declaration of Revocable Trust is a crucial estate planning and asset management tool in Nigerian legal practice. It is commonly used when individuals or organizations wish to create a flexible trust structure that can be modified or revoked as circumstances change. This document type is particularly relevant in Nigeria's evolving financial and legal landscape, where proper asset management and succession planning are increasingly important. The trust declaration must comply with Nigerian trust law, including the Trustees Act of 1962 and relevant financial regulations. It typically includes comprehensive details about trust property, beneficiary rights, trustee powers, and administrative procedures. The revocable nature of the trust makes it especially suitable for settlors who want to maintain control over their assets while benefiting from the structure and protection that a trust provides.
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1. Declaration and Trust Name: Formal declaration of trust creation, trust name, and date of establishment
2. Parties: Identification of the Settlor, Trustee(s), and Beneficiaries with full legal names and addresses
3. Background: Context and purpose for creating the trust
4. Definitions: Definitions of key terms used throughout the trust document
5. Trust Property: Detailed description of initial trust property and provisions for additional property
6. Distribution Provisions: Rules and conditions for distributing trust income and principal
7. Trustee Powers: Enumeration of trustee's powers in managing and administering the trust
8. Trustee Duties: Specific responsibilities and obligations of the trustee(s)
9. Right of Revocation: Settlor's right to modify or revoke the trust and procedure for doing so
10. Successor Trustees: Provisions for appointment and succession of trustees
11. Trust Administration: General administrative provisions including accounting, reporting, and decision-making
12. Governing Law: Specification of Nigerian law as governing law and jurisdiction
13. Execution: Signature blocks and attestation provisions
1. Spendthrift Provision: Protection of beneficiary interests from creditors - include when beneficiary protection is desired
2. Corporate Trustee Provisions: Special provisions for corporate trustees - include when using professional trust companies
3. Minor Beneficiary Provisions: Special provisions for managing benefits for minors - include when beneficiaries include minors
4. Charitable Purposes: Provisions for charitable donations or purposes - include for charitable trusts
5. Investment Guidelines: Specific investment restrictions or guidelines - include when specific investment direction is needed
6. Tax Planning Provisions: Specific provisions for tax efficiency - include when tax planning is a primary concern
7. Digital Assets: Provisions for handling digital assets - include when trust includes digital property
8. Foreign Assets: Provisions for handling foreign assets - include when trust includes property outside Nigeria
1. Schedule A - Initial Trust Property: Detailed inventory and description of all initial trust assets
2. Schedule B - Beneficiary Details: Complete information about beneficiaries and their respective interests
3. Schedule C - Distribution Schedule: Detailed schedule of planned distributions, if any
4. Schedule D - Trustee Compensation: Details of trustee compensation and reimbursement terms
5. Appendix 1 - Asset Valuation: Initial valuation of trust assets by qualified valuers
6. Appendix 2 - Tax Certificates: Relevant tax clearance certificates and documentation
7. Appendix 3 - Property Documents: Copies of property titles, deeds, or other asset ownership documents
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