A Bare Trust Deed is a document that declares a bare trust and identifies the trustee and beneficial owner of property. A bare trust helps you to discreetly own property as the trustee becomes the ‘legal owner’ of the property. Establishing a bare trust is a declaration from the trustee that they are only managing or acting on behalf of the beneficial owner in relation to the relevant property or asset, and that they will not be personally benefiting from their position as trustee.
Use this Bare Trust Deed if:
- You would like discreetly own property as a beneficiary
What does the Bare Trust Deed cover?
- Establishes the Trust;
- Defines the Trustee, the Beneficiary and the Trust Property;
- Supply of the consideration/finances by the Beneficiary to assist with the transfer of any trust property/assets;
- Obligations of the Beneficiary;
- Trustee interests and powers;
- Removal and appointment of trustees;
- Indemnity rights for the Trustee; and
- Winding up of the trust.
Should a lawyer review my Bare Trust Deed?
To properly manage the creation and handling of a Bare Trust, it is necessary to obtain sound legal and tax advice. Any omissions or errors in the drafting of a Bare Trust Deed may create legal or other issues for the parties, and it is consequently recommended to seek legal advice to ensure that your Bare Trust is set up in a way that provides all necessary protections for both parties.
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