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Living Trust Agreement

Living Trust Agreement Template for Nigeria

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Key Requirements PROMPT example:

Living Trust Agreement

"I need a Living Trust Agreement to manage my real estate portfolio and family business assets, with provisions for distribution to my three adult children starting from March 2025, while retaining control during my lifetime and including specific requirements for business succession planning."

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Document background
A Living Trust Agreement is a vital estate planning instrument used in Nigeria to create a trust structure for managing and distributing assets during and after the settlor's lifetime. This document becomes particularly relevant when individuals seek to establish a structured arrangement for asset management, provide for family members or other beneficiaries, or create a framework for business succession planning. The agreement must comply with Nigerian trust law, including the Trustee Act of 1893 and the Trustees Investment Act 1962, while addressing local property rights and tax implications. It typically includes detailed provisions for trust administration, asset management, beneficiary distributions, and trustee powers, making it essential for comprehensive estate planning in Nigeria. The document's flexibility allows it to be customized for various purposes, from family wealth preservation to charitable giving, while maintaining legal compliance and practical effectiveness.
Suggested Sections

1. Parties: Identifies the Settlor, Trustee(s), and Beneficiaries with their full legal names and addresses

2. Background: Explains the context and purpose of creating the trust

3. Definitions: Defines key terms used throughout the agreement

4. Declaration of Trust: Formal establishment of the trust and transfer of assets

5. Trust Purpose and Duration: States the specific purposes of the trust and its intended duration

6. Powers and Duties of Trustees: Comprehensive outline of trustee authorities and responsibilities

7. Distribution of Trust Income and Capital: Details how and when trust assets and income should be distributed

8. Trust Administration: Procedures for managing the trust, including meetings, decisions, and record-keeping

9. Appointment and Removal of Trustees: Process for changing trustees and minimum number of trustees required

10. Rights of the Settlor: Powers retained by the settlor during their lifetime

11. Protection of Trustees: Indemnification and limitation of liability provisions

12. Amendment and Revocation: Procedures for modifying or revoking the trust

13. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and relevant jurisdiction

14. Termination: Circumstances and procedures for trust termination

Optional Sections

1. Successor Trustees: Used when specific provisions for successor trustees are desired beyond the standard appointment procedures

2. Special Needs Provisions: Include when any beneficiary has special needs or requires specific care arrangements

3. Business Interest Management: Required when trust assets include business interests requiring specific management provisions

4. Education Trust Provisions: Include when the trust has specific educational purposes for beneficiaries

5. Charitable Giving: Used when the trust includes charitable donations or beneficiaries

6. Spendthrift Provisions: Include to protect beneficiaries' interests from creditors

7. Foreign Assets: Required when trust includes assets located outside Nigeria

8. Digital Assets: Include when trust assets include digital assets or cryptocurrencies

Suggested Schedules

1. Schedule A - Trust Property: Detailed inventory of initial trust assets and their values

2. Schedule B - Beneficiary Information: Detailed information about beneficiaries and their respective interests

3. Schedule C - Distribution Schedule: Specific instructions for timing and amounts of distributions

4. Schedule D - Trustee Compensation: Details of trustee fees and reimbursement provisions

5. Appendix 1 - Investment Guidelines: Specific investment policies and restrictions for trust assets

6. Appendix 2 - Administrative Procedures: Detailed procedures for trust administration and record-keeping

7. Appendix 3 - Tax Considerations: Summary of relevant tax implications and requirements

8. Appendix 4 - Contact Information: Contact details for all relevant parties, advisors, and institutions

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

Legal Services

Financial Services

Banking

Wealth Management

Real Estate

Family Business

Estate Planning

Insurance

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Relevant Teams

Legal

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Estate Planning

Trust Administration

Private Banking

Compliance

Risk Management

Asset Management

Family Office

Advisory Services

Relevant Roles

Estate Planning Attorney

Trust Officer

Wealth Manager

Financial Advisor

Private Banker

Tax Consultant

Legal Counsel

Estate Administrator

Trust Administrator

Compliance Officer

Family Office Manager

Property Manager

Investment Advisor

Risk Management Officer

Succession Planning Specialist

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