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.
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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
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
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)
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