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Declaration of Trust
A Declaration of Trust is a document that can set out an agreement in writing where there is a discrepancy between the person who holds legal title to a property and the person who owns the underlying beneficial interest in the property.
The main benefit of preparing such a document is to provide written evidence of the agreement between parties as to who owns the underlying beneficial and equitable interests in the property. The Declaration of Trust will provide clear evidence of your agreement and intention at the date it is signed.
Examples of where a Declaration of Trust is used are:
- where a couple own a property in their joint names, but they provided different contributions to the purchase price, e.g. 25% and 75%, and wish their contributions to be reflected in a legal document; or
- where a husband or wife owns the legal title to their property in their sole name, and the other spouse (by consent) wishes the underlying beneficial interest (i.e. the net sale proceeds) to be reflected in a legal document.
As a full service law firm, dealing with property work and inheritance tax planning, Premier Solicitors can tailor our advice to your individual circumstances and can put your plans into effect. To make matters even simpler we have an in-house Chartered Tax Adviser to assist in the tax planning process.
Call our Specialist Team on 01234 34 81 98. We will help to safeguard your hard earned assets for you, your children or other beneficiaries.
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