The Declaration of Bare Trust is essential in Hong Kong's legal and business landscape where separation of legal and beneficial ownership is required for practical or strategic purposes. This document type is commonly used in property transactions, investment structures, and family wealth planning where the trustee's role is purely administrative. It clearly identifies the trust property, establishes the trustee's limited role in holding legal title, and confirms the beneficiary's absolute right to direct the use and disposition of the trust property. The declaration must comply with Hong Kong's Trustee Ordinance and related trust legislation, making it a crucial tool for creating transparent and legally sound bare trust arrangements. The document is particularly valuable when streamlined asset management is desired while maintaining the beneficiary's effective control over the assets.
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1. Parties: Identifies and defines the Trustee(s) and the Beneficiary(ies) with their full legal names and addresses
2. Background: Sets out the context of the trust creation, including how the trustee came to hold the property and the intention to create a bare trust
3. Definitions: Defines key terms used in the declaration including 'Trust Property', 'Trust Period', and other relevant terms
4. Declaration of Trust: The formal declaration that the Trustee holds the Trust Property on bare trust for the Beneficiary
5. Trust Property: Clear identification and description of the property held in trust
6. Trustee Powers and Duties: Specifies the limited role of the trustee in a bare trust, mainly to hold legal title and act on beneficiary's instructions
7. Beneficiary Rights: Confirms the beneficiary's absolute right to the capital and income of the trust property and power to direct the trustee
8. Governing Law: Specifies that Hong Kong law governs the trust and its interpretation
1. Multiple Trustees: Required when there is more than one trustee, specifying how they must act (usually jointly)
2. Trustee Retirement and Replacement: Include when mechanism for changing trustees needs to be specified
3. Tax Provisions: Include when specific tax treatment needs to be addressed or clarified
4. Trust Duration: Include when the trust is intended to last for a specific period rather than indefinitely
5. Anti-Money Laundering Compliance: Include when the trust involves substantial assets or complex arrangements requiring AML considerations
1. Schedule 1 - Trust Property Details: Detailed description of the trust property including any relevant registration numbers, titles, or identifying features
2. Schedule 2 - Parties' Details: Full names, addresses, and identification details of all parties for verification purposes
3. Schedule 3 - Required Notices and Instructions: Format of notices and instructions that the beneficiary may give to the trustee
4. Appendix A - Copy of Property Title: Where relevant, copies of property titles or other ownership documents
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Financial Services
Investment Management
Private Banking
Family Office
Professional Services
Property Development
Wealth Management
Corporate Services
Legal Services
Relevant Teams
Legal
Compliance
Wealth Management
Trust Administration
Property Management
Corporate Services
Risk Management
Investment Management
Private Banking
Estate Planning
Relevant Roles
Trust Manager
Legal Counsel
Property Manager
Wealth Manager
Trust Administrator
Compliance Officer
Private Banker
Estate Planner
Corporate Trustee
Asset Manager
Investment Advisor
Real Estate Manager
Company Secretary
Risk Manager
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