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Self Declaration Of Trust

Self Declaration Of Trust Template for Nigeria

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Key Requirements PROMPT example:

Self Declaration Of Trust

"I need a Self Declaration of Trust to hold my Lagos residential property and investment portfolio for my three children, with distributions to begin when my youngest turns 21 in March 2025, and I want to retain the power to add or remove beneficiaries."

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Document background
The Self Declaration of Trust is a vital instrument in Nigerian estate planning and asset management, commonly used when an individual wishes to create a trust while retaining control as trustee. This document type is particularly relevant in situations where formal transfer of assets to a separate trustee is not desired or practical. It must comply with Nigerian trust law, including the Trustee Act of 1961 and related legislation. The declaration typically includes detailed specifications of trust property, beneficiary rights, trustee powers, and distribution terms. It's frequently used in family wealth planning, charitable giving, and business succession arrangements. The document requires careful drafting to ensure enforceability and proper recording under Nigerian law, particularly when dealing with land subject to the Land Use Act or investments regulated by the Investments and Securities Act.
Suggested Sections

1. Declaration: Formal statement identifying the settlor/trustee and declaring the creation of the trust

2. Definitions and Interpretation: Defines key terms used throughout the document and interpretation rules

3. Trust Property: Detailed description of the assets being placed in trust

4. Beneficiaries: Identifies the beneficiaries and their respective interests in the trust

5. Powers of the Trustee: Outlines the powers of the trustee in managing and administering the trust

6. Trust Terms and Conditions: Specifies how the trust is to be managed and when/how distributions are to be made

7. Duration of Trust: Specifies the term of the trust and any conditions for its termination

8. Governing Law: Confirms that the trust is governed by Nigerian law

9. Execution: Formal execution clause and signature block

Optional Sections

1. Appointment of Successor Trustees: Used when the settlor wishes to specify how replacement trustees can be appointed

2. Investment Powers: Included when the trust involves significant financial assets requiring specific investment guidelines

3. Minor Beneficiaries: Required when any beneficiaries are under the age of 18

4. Revocation Rights: Included if the trust is intended to be revocable

5. Protection Clause: Optional clause protecting beneficiaries' interests from creditors or bankruptcy

6. Variation Powers: Used when flexibility to modify trust terms in the future is desired

Suggested Schedules

1. Schedule 1: Trust Property: Detailed inventory and description of all assets placed in trust

2. Schedule 2: Beneficiaries: Full details of beneficiaries including names, addresses, and their respective interests

3. Schedule 3: Initial Investments: If applicable, details of any initial investment holdings or strategy

4. Appendix A: Trustee Powers: Comprehensive list of specific powers granted to the trustee

5. Appendix B: Distribution Rules: Detailed rules and conditions for making distributions to beneficiaries

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
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Relevant Industries

Financial Services

Real Estate

Legal Services

Family Business

Agriculture

Education

Healthcare

Mining

Oil and Gas

Charitable Organizations

Investment Management

Private Wealth Management

Relevant Teams

Legal

Wealth Management

Estate Planning

Trust Administration

Compliance

Private Client Services

Property Management

Tax Advisory

Investment Management

Corporate Secretarial

Relevant Roles

Estate Planning Lawyer

Trust Officer

Wealth Manager

Financial Advisor

Property Manager

Legal Counsel

Company Secretary

Tax Consultant

Investment Manager

Compliance Officer

Private Client Advisor

Family Office Manager

Corporate Trustee

Estate Administrator

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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