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Declaration Of Revocable Trust

Declaration Of Revocable Trust Template for Nigeria

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Key Requirements PROMPT example:

Declaration Of Revocable Trust

"I need a Declaration of Revocable Trust to be drafted under Nigerian law for managing my real estate portfolio and investment assets, with provisions for quarterly distributions to my three adult children and the flexibility to add or remove beneficiaries as needed."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































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Relevant Industries

Financial Services

Real Estate

Wealth Management

Private Banking

Legal Services

Family Business

Estate Planning

Asset Management

Investment Management

Charitable Organizations

Education (for educational trusts)

Healthcare (for medical trusts)

Relevant Teams

Legal

Compliance

Wealth Management

Estate Planning

Trust Administration

Risk Management

Investment Management

Tax Advisory

Client Services

Document Management

Property Management

Relevant Roles

Trust Officer

Estate Planning Attorney

Wealth Manager

Financial Advisor

Trust Administrator

Legal Counsel

Compliance Officer

Private Client Manager

Tax Consultant

Property Manager

Investment Manager

Risk Management Officer

Trust Operations Manager

Fiduciary Services Director

Estate Planning Consultant

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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