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Deed Of Advancement Terminating Trust for the United Kingdom

Deed Of Advancement Terminating Trust Template for England and Wales

A Deed of Advancement Terminating Trust is a formal legal document used in England and Wales to bring a trust to an end by advancing all trust assets to the beneficiaries. It provides for the final distribution of trust property, releases trustees from their duties, and includes necessary tax considerations and indemnities. The deed must comply with English trust law requirements and proper execution formalities.

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Deed Of Advancement Terminating Trust

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What is a Deed Of Advancement Terminating Trust?

A Deed of Advancement Terminating Trust is typically used when trustees and beneficiaries agree to end a trust arrangement before its natural termination date. This document, governed by the laws of England and Wales, facilitates the distribution of trust assets to beneficiaries while protecting trustees' interests. It's particularly relevant when beneficiaries have reached the age of majority or when trust purposes have been fulfilled. The deed must address tax implications, contain appropriate indemnities, and comply with the Trustee Act 1925 and related legislation.

What sections should be included in a Deed Of Advancement Terminating Trust?

1. Parties: Details of trustees, beneficiaries, and any other relevant parties

2. Background: Details of the original trust, reason for advancement, and current circumstances

3. Definitions: Key terms used throughout the deed

4. Declaration of Advancement: Formal statement of advancement and trust termination

5. Distribution Provisions: Details of how trust assets will be distributed

6. Discharge of Trustees: Provisions releasing trustees from future obligations

7. Execution: Formal execution blocks for all parties

What sections are optional to include in a Deed Of Advancement Terminating Trust?

1. Tax Indemnities: Additional provisions to address specific tax liabilities and protect parties from future tax claims

2. Third Party Rights: Provisions addressing the rights of parties not directly involved in the trust termination

3. Costs Provisions: Specific provisions for allocation of costs related to the advancement and trust termination

What schedules should be included in a Deed Of Advancement Terminating Trust?

1. Schedule 1 - Trust Assets: Detailed inventory of trust property being advanced

2. Schedule 2 - Distribution Details: Specific allocation of assets to beneficiaries

3. Schedule 3 - Original Trust Deed: Copy or details of the original trust instrument

4. Schedule 4 - Tax Calculations: Details of tax implications and calculations (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

England and Wales

Document Type

Trust Deed

Cost

Free to use
Relevant legal definitions






























Clauses

























Industries

Trustee Act 1925: Core legislation governing trustee powers, duties, and trust termination provisions. Essential for understanding the basic framework of trust administration and termination procedures.

Trustee Act 2000: Modern statutory framework defining trustees' duties, investment powers, and delegation provisions. Provides updated guidance on trustee responsibilities in contemporary trust management.

Law of Property Act 1925: Establishes formal requirements for deeds and property transfer provisions. Critical for ensuring the deed of advancement meets legal formality requirements.

Variation of Trusts Act 1958: Provides statutory power to vary trusts and defines court jurisdiction regarding trust variations. Important for understanding the legal basis for trust termination.

Perpetuities and Accumulations Act 2009: Sets rules against perpetuities and time limits on trust duration. Relevant for ensuring the termination complies with statutory time limitations.

Inheritance Tax Act 1984: Covers tax implications of trust termination and relevant property provisions. Essential for understanding and addressing tax consequences of trust termination.

Capital Gains Tax Act 1992: Addresses tax consequences of trust property distribution and hold-over relief provisions. Important for managing tax implications of asset distribution.

Income Tax Act 2007: Covers income tax implications for beneficiaries and trust income treatment. Necessary for understanding income tax consequences of trust termination.

Common Law Principles: Established legal precedents and principles regarding trusts from case law and judicial decisions. Provides fundamental legal context for trust administration.

Equitable Principles: Fundamental principles of equity affecting trust administration and termination. Essential for ensuring fair and proper trust termination.

HMRC Guidance: Current practice and guidance from Her Majesty's Revenue and Customs regarding trust taxation and administration. Provides practical compliance framework for tax aspects.

Teams

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