Declarations of Trust
If you’re responsible for a property held on trust, a Declaration of Trust can help clarify the legal obligations and rights of all parties involved with the property. This can simplify matters in future if the property should be sold or transferred to other parties, or if maintenance is required.
Our specialist team advises clients in different languages on a wide range of legal matters. Call them on 0208 1111 911 or contact them through the website to discuss your circumstances with them.
What is a Declaration of Trust?
When a property is held as part of a Trust it might be owned jointly by any number of parties. The ownership and upkeep of the property can become very complicated and a Declaration of Trust provides clarity over the rights and responsibilities of the different parties.
For example, it may be that one or more of the parties also occupies the property as part of the arrangement and there are matters such as maintenance and upkeep, insurance and the proportion of equity held by each party, to be taken into consideration.
To create a Declaration of Trust, all parties will need to negotiate and agree the necessary provisions of the declaration between them, with the help of a specialist solicitor.
Who needs a Declaration of Trust for a property?
Anyone who has a ‘beneficial interest’ in a property held on trust can benefit from the clarity that a Declaration of Trust provides. A beneficial interest could mean that you own a proportion of the property or are entitled to occupy it.
When is a Declaration of Trust taken out?
It would typically be taken out at the point that the property is placed within the trust. This may happen as part of the administration of a will, or it could be done for Inheritance Tax Planning reasons.
How do I get legal advice on Declarations of Trust?
Call us on 0208 1111 911 or contact us through the website and we’ll arrange a time to discuss your circumstances thoroughly with you. The initial call is free and we’ll advise you of our fees before you decide whether or not to instruct us.