A trust deed is a legal document that outlines the terms and conditions of a trust. Most life assurance providers will have a trust form that you can complete to make the process as simple as possible. However, the key elements that must be included in a trust deed are:
- Trust name: The official name of the trust.
- Trustees: Names and details of the trustees who will manage the trust.
- Beneficiaries: Names and details of the beneficiaries who will benefit from the trust or for a discretionary trust you could use a class of beneficiaries such as “my children”.
- Trust property: Description of the assets or property included in the trust.
- Purpose of the trust: The specific purpose or objectives of the trust.
- Trustee powers and duties: Detailed description of the powers and duties of the trustees.
- Distributions: Instructions on how and when the trust assets will be distributed to beneficiaries.
- Duration of the trust: The period for which the trust will exist.
- Amendment and termination: Procedures for amending or terminating the trust.