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Aston Lawyer
Aston Lawyer, Property Solicitor
Category: UK Property Law
Satisfied Customers: 1710
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I am opening a bank account trust of wihcih I am a

Customer Question

Hi Pearl' I am opening a bank account for the trust of wihcih I am a beneficiary & they require a declaration of trust. Would that be for the opening of the account, between the trustees and the beneficiaries or something else?
JA: Because laws vary from state to state, could you tell me what state is this in?
Customer: The bank is in the grenadines
JA: Have you talked to a lawyer yet?
Customer: no - I am in Africa, the trust is in Panama and the bank in the caribean...
JA: Anything else you think the lawyer should know?
Customer: I am married and my husband is also a beneficiary of the trus. we will both have signing power for the bank account jointly or solely
Submitted: 3 months ago.
Category: UK Property Law
Expert:  F E Smith replied 3 months ago.

We can only answer you based upon English law. Would that be all right? Why are you opening the bank account and why are the trustees not opening it?

Can we have the background detail to the trust and what you are looking to do and why please?

Customer: replied 3 months ago.
Hi - English Law is OK.
The account is for a Panama Foundation (Trust) - I am the beneficiary using a Foundation Council as Trustees. I have Power of Attorney to open bank accounts (and anything else).
I think what I need is a Declaration of trust that says something like this - but signed by the Trustees?
I hereby irrevocably undertake not to transfer, deal with or dispose of the Assets save as the Beneficiaries may from time to time direct in writing or at the direction of his executors.
I hereby irrevocably assign to the Beneficiaries the right to receive any and all benefit from the Assets including all rights to income of any sort which may be receivable from the Assets from time to time and all other rights including rights to capital and voting rights.
I hereby expressly and irrevocably undertake that on receipt of written instruction from the Beneficiary I will promptly transfer the legal title of Assets to the Beneficiary or to any other third-party as he may direct.
I further undertake not to conduct or present myself to any third-party as the beneficial owner of the Assets nor to cause or allow any charge, lien or mortgage over the Assets save at the express instruction of the Beneficiary in writing.
I expressly declare that all the above undertakings are made irrevocably and that save for the legal title I have absolutely no interest in or rights over the Assets.
-------The Trust Certificate of Incorporation states "THAT THE PERSON (S) WITH RIGHT TO SIGN lS (ARE):
THE INDIVIDUAL SIGNATURE OF THE PROTECTOR WILL OBLIGATE THE FOUNDATION IN ANY ACT, TRANSACTION OR BUSINESS. THE COUNCIL WILL OBLIGATE THE FOUNDATION WITH THE JOINT SIGNATURE OF TWO OF THE MEMBERS IF ITS COMPOSED BY NATURAL PERSONS OR THE SIGNATURE OF THE LEGAL REPRESENTATIVE, IN THE CASE OF JURIDICAL PERSONS.What I am not sure of is whether the opening of a bank account requires a declaration of trust between the beneficiaries (i.e. between my husband & myself) or between the Members of the Foundation Council and the Beneficiaries.
Could you offer an opinion?
Expert:  F E Smith replied 3 months ago.

Thank you. This is not really my area now I see all the facts. I will opt out for another expert.

Expert:  F E Smith replied 3 months ago.

Another expert will pick this up for you at some stage.

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