Deed of Trust Canada - PDF

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					      Transfer of a policy into trust where there are
                    joint policy owners

WARNING: THIS DEED IS AN IMPORTANT LEGAL DOCUMENT. DO NOT SIGN UNLESS (A)
YOU ARE CERTAIN YOU UNDERSTAND IT AND IT MEETS YOUR REQUIREMENTS, (B) YOU
HAVE CONSULTED YOUR SOLICITOR, AND (C) YOU HAVE READ AND UNDERSTOOD THE
EXPLANATORY NOTES IN THIS FORM.


                                            EXPLANATORY NOTE


This document is to be used where the owners of a joint policy wants to nominate beneficiaries who will become
entitled to the proceeds of the policy in the event of the death and otherwise (e.g. serious illness or any other
claim under the policy) of the two policy owners.

This document is most commonly used where a married couple wish their children to benefit from their policy if
they die or become seriously ill. This document can also be used when any joint owners would like for particular
people to benefit from the policy if they die or become seriously ill.

How this happens is that a trust is created. A trust is the relationship that arises when a person is required to
hold a policy for the benefit of someone else. The person who holds the trust is called a “trustee”. The person
who will benefit from the policy is called the “beneficiary”. The percentage of the policy that is to be taken by the
beneficiary is to be specified in the deed. It is possible to nominate different beneficiaries to benefit on death
and otherwise than on death.

The policy owners are applying for the trust to be created and they will be known as the “Applicants” in this deed.
They automatically become a trustee and usually they will also nominate at least one other person to be an
“Additional Trustee”. This is to ensure that there is someone to give effect to the trust when the policy owners
die. At all times the “Applicants” retain power over the policy and they can change the additional trustees and
beneficiaries etc. whenever they want. However, to make any of these changes they will have to do so by means
of another Deed.

Before completing this deed please ensure that it fully meets your requirements and you understand the
implications as the creation of a trust has certain legal implications. For instance, as the legal owners of the
policy are the trustees, any payment on the policy will be made payable to the Applicants and the Additional
Trustees of the policy in their joint names. Any alterations or changes on the policy following the creation of the
trust will have to be authorised by the Applicants and the Additional Trustees.

It is very important that you obtain the advice of your own solicitor prior to creating a trust on your policy.

Please see the sample completed document enclosed for instructions on how to complete the form correctly.
The sample completed document attached is only an extract of the full form required to effectively place your
policy in trust.

Once you have executed the Deed, you must have it stamped by the Revenue Commissioners. Please see our
Stamp Duty Information Sheet contained in this booklet for details on how this may be done.
Checklist: (please ensure you have returned all the required documentation; otherwise your request cannot be processed)

(1)     Completed Deed
        (Ensure all blank spaces have been filled in. The deed must be dated, signed by all parties and all signatures
        witnessed).

(2)     Revenue Commissioners Stamp Certificate




Please return the above documentation to the following address:

Legal Department
Canada Life
Canada Life House
Temple Road
Blackrock
Co. Dublin

Once your completed deed has been fully executed, stamped by the Revenue Commissioners and returned to us,
we will review it, make the required changes to your policy and return your original stamped deed to you.
                       DEED OF TRUST AND ASSIGNMENT TO TRUSTEES
                                                   JOINT LIFE POLICY

                                                                                                                             Note 1:
             THIS Deed made the 27th                         day of AUGUST                           20 08
                                                                                                                             Insert date you completed this
BETWEEN                                                                                                                      deed
                                                 PART ONE - The Parties
                                                                                                                             Note 2:
Applicant 1                                                        Applicant 2
                                                                                                                             Applicants are the policy
Name:            JOE BLOGGS                                        Name:            JANE BLOGGS                              owners. Insert names,
Address:         NEW TOWN,                                         Address:         NEW TOWN,                                addresses and dates of birth

                 DUBLIN                                                             DUBLIN
                                                                                                                             Note 3:
Date of birth:   9th APRIL 1975                                    Date of birth:   23rd JULY 1976                           Additional Trustee is a person
                                                                                                                             nominated by the policy
(the “Applicants” as referred to in Part Two)                                                                                owners to hold the policy
Additional Trustee 1: (Must be 18yrs or over)                      Additional Trustee 2: (Must be 18yrs or over)             in trust with them for the
                                                                                                                             beneficiaries. Insert name,
Name:            ANNE O’BRIEN                                      Name:                                                     address and date of birth
Address:         MAIN ROAD                                         Address:
                 DUBLIN
                                                                                                                             Note 4:
                                                                                                                             Insert details of second
Date of birth:   17th NOVEMBER 1968                                Date of birth:                                            Additional Trustee if any
(the “Additional Trustee(s), and together with the Applicants, the “Trustees”, as referred to in Part Two)


Policy number:        7634128E                                                                                               Note 5:
                                                                                                                             Insert policy number here
Nominated Beneficiaries: (as referred to in Part Two)
Entitled to the Trust Fund on the death of the last of the Applicants surviving:
                                                                                                                             Note 6:
Name                                Address                                         Date of birth         Percentage Share   Nominated Beneficiaries here
                                                                                                          of Trust Fund*
                                                                                                                             are those person(s) who will
BRIAN BLOGGS                        NEW TOWN, DUBLIN                                3l5l60                50%                benefit from the policy on the
                                                                                                                             death of the joint owners
MARY BLOGGS                         NEW TOWN, DUBLIN                                12l12l08              50%

*All stated shares must add up to 100%

Entitled to the Trust Fund otherwise than on a death (e.g in the event of a serious illness claim):
If you do not complete this section the proceeds of the policy will be held in trust for the applicants
                                                                                                                             Note 7:
Name                                Address                                         Date of birth         Percentage Share   Nominated Beneficiaries here
                                                                                                          of Trust Fund*
                                                                                                                             are those person(s) who will
BRIAN BLOGGS                        NEW TOWN, DUBLIN                                3l5l60                100%               benefit from the policy in
                                                                                                                             circumstances other than the
                                                                                                                             death of the joint owners

*All stated shares must add up to 100%
THE PARTIES TO THIS DEED (AS DESCRIBED IN PART ONE) AGREE TO PLACE OWNERSHIP OF A
POLICY OF LIFE ASSURANCE IN THE TRUSTEES UPON TRUST AND UPON THE TERMS SET OUT IN
THE PROVISIONS OF PART TWO.


SIGNED SEALED AND DELIVERED
By APPLICANT 1
                                                                                            Note 8:
in the presence of:                                                                         Applicant 1 to sign here
John Walsh                                       Joe Bloggs
(Witness)                                        Signature of Applicant 1                   Note 9:
JOHN WALSH                                                                                  Witness to signature of
                                                                                            Applicant 1. Must be over 18.
(Witness Print Name)
                                                                                            Insert name, address and
BIG ROAD                                                                                    occupation
CO. DUBLIN
(Address)
ENGINEER
(Occupation)



SIGNED SEALED AND DELIVERED
By APPLICANT 2
                                                                                            Note 10:
in the presence of:                                                                         Applicant 2 to sign here
John Walsh                                       Jane Bloggs
(Witness)                                        Signature of Applicant 2                   Note 11:
JOHN WALSH                                                                                  Witness to signature of
(Witness Print Name)                                                                        Applicant 2. Must be over 18.
                                                                                            Insert name, address and
BIG ROAD                                                                                    occupation
CO. DUBLIN
(Address)
ENGINEER
(Occupation)




WARNING: THIS DEED IS AN IMPORTANT LEGAL DOCUMENT. DO NOT SIGN UNLESS (A) YOU ARE CERTAIN
YOU UNDERSTAND IT AND IT MEETS YOUR NEEDS, (B) YOU HAVE CONSULTED YOUR SOLICITOR, AND (C)
YOU HAVE READ AND UNDERSTOOD THE EXPLANATORY NOTES.
SIGNED SEALED AND DELIVERED
By ADDITIONAL TRUSTEE 1
                                                                                            Note 12:
in the presence of:                                                                         Additional Trustee to sign here
John Walsh                                       Anne O’Brien
(Witness)                                        Signature of Additional Trustee 1          Note 13:
JOHN WALSH                                                                                  Witness to signature of
                                                                                            Additional Trustee. Must be
(Witness Print Name)
                                                                                            over 18. Insert name, address
BLACKROCK                                                                                   and occupation
CO. DUBLIN
(Address)
ENGINEER
(Occupation)



SIGNED SEALED AND DELIVERED
By ADDITIONAL TRUSTEE 2
                                                                                            Note 14:
in the presence of:                                                                         If there is a second trustee on
                                                                                            the policy they must sign here
                                                                                            and their signature must also
(Witness)                                        Signature of Additional Trustee 2          be witnessed


(Witness Print Name)




(Address)


(Occupation)




WARNING: THIS DEED IS AN IMPORTANT LEGAL DOCUMENT. DO NOT SIGN UNLESS (A) YOU ARE CERTAIN
YOU UNDERSTAND IT AND IT MEETS YOUR NEEDS, (B) YOU HAVE CONSULTED YOUR SOLICITOR, AND (C)
YOU HAVE READ AND UNDERSTOOD THE EXPLANATORY NOTES.
                       DEED OF TRUST AND ASSIGNMENT TO TRUSTEES
                                                   JOINT LIFE POLICY


             THIS Deed made the                              day of                                  20
BETWEEN
                                                 PART ONE - The Parties

Applicant 1                                                        Applicant 2
Name:                                                              Name:
Address:                                                           Address:




Date of birth:                                                     Date of birth:

(the “Applicants” as referred to in Part Two)

Additional Trustee 1: (Must be 18yrs or over)                      Additional Trustee 2: (Must be 18yrs or over)
Name:                                                              Name:
Address:                                                           Address:




Date of birth:                                                     Date of birth:

(the “Additional Trustee(s), and together with the Applicants, the “Trustees”, as referred to in Part Two)


Policy number:


Nominated Beneficiaries: (as referred to in Part Two)
Entitled to the Trust Fund on the death of the last of the Applicants surviving:
Name                                Address                                         Date of birth         Percentage Share
                                                                                                          of Trust Fund*




*All stated shares must add up to 100%

Entitled to the Trust Fund otherwise than on a death (e.g in the event of a serious illness claim):
If you do not complete this section the proceeds of the policy will be held in trust for the applicants

Name                                Address                                         Date of birth         Percentage Share
                                                                                                          of Trust Fund*




*All stated shares must add up to 100%
THE PARTIES TO THIS DEED (AS DESCRIBED IN PART ONE) AGREE TO PLACE OWNERSHIP OF A
POLICY OF LIFE ASSURANCE IN THE TRUSTEES UPON TRUST AND UPON THE TERMS SET OUT IN
THE PROVISIONS OF PART TWO.


SIGNED SEALED AND DELIVERED
By APPLICANT 1

in the presence of:


(Witness)                                        Signature of Applicant 1


(Witness Print Name)




(Address)


(Occupation)



SIGNED SEALED AND DELIVERED
By APPLICANT 2

in the presence of:


(Witness)                                        Signature of Applicant 2


(Witness Print Name)




(Address)


(Occupation)




WARNING: THIS DEED IS AN IMPORTANT LEGAL DOCUMENT. DO NOT SIGN UNLESS (A) YOU ARE CERTAIN
YOU UNDERSTAND IT AND IT MEETS YOUR NEEDS, (B) YOU HAVE CONSULTED YOUR SOLICITOR, AND (C)
YOU HAVE READ AND UNDERSTOOD THE EXPLANATORY NOTES.
SIGNED SEALED AND DELIVERED
By ADDITIONAL TRUSTEE 1

in the presence of:


(Witness)                                        Signature of Additional Trustee 1


(Witness Print Name)




(Address)


(Occupation)



SIGNED SEALED AND DELIVERED
By ADDITIONAL TRUSTEE 2

in the presence of:


(Witness)                                        Signature of Additional Trustee 2


(Witness Print Name)




(Address)


(Occupation)




WARNING: THIS DEED IS AN IMPORTANT LEGAL DOCUMENT. DO NOT SIGN UNLESS (A) YOU ARE CERTAIN
YOU UNDERSTAND IT AND IT MEETS YOUR NEEDS, (B) YOU HAVE CONSULTED YOUR SOLICITOR, AND (C)
YOU HAVE READ AND UNDERSTOOD THE EXPLANATORY NOTES.
                               PART TWO- Assignment and Trust Declaration

BETWEEN the Applicants and the Additional Trustee(s) named and described in Part One

WHEREAS

A.       We, the Applicants, effected a life policy on our lives with The Company (which expression shall mean
The Canada Life Assurance Company or Canada Life Assurance (Ireland) Limited as the case may be) such
policy being further described by the details in Part One and includes all money receivable thereunder and all
benefits secured thereby (“the Policy”).

B.       We, the Applicants, are now desirous of assigning the Policy (which, including all money which shall
become payable thereunder and all assets which may from time to time represent the same and all income
derived therefrom and any further policies purchased under any power contained in the policy is hereinafter
collectively referred to as “the Trust Fund”) to be placed under the control of us the Applicants as Trustees and
the Additional Trustee(s) (together to be referred to as the “Trustees”) for the benefit of the Beneficiaries.

NOW THIS DEED WITNESSETH AS FOLLOWS:

1.0      Declaration of Trust
1.1.     In pursuance of the said desire and in consideration of the sum of €1.00 (the receipt of which we here-
by acknowledge), we, the Applicants, HEREBY ASSIGN the Trust Fund to the Trustees TO HOLD the same, with
such powers as are set out below, for the benefit of and in trust for the Nominated Beneficiaries (as defined in
clause 2.3). We, or the survivor of us, may from time to time or at any time before the maturity of the Policy
(as defined in clause 2.2) revoke the appointments of the Nominated Beneficiaries and may, by Deed or Deeds,
revocable or irrevocable, appoint such one or more exclusively of the Beneficiaries (as defined in clause 2.1) as
a beneficiary of this Trust Fund, each to take in such share and for such limited interest and in such manner as
we, in our absolute discretion, without infringing any applicable Rule against Perpetuities, appoint. All appoint-
ments must be made by Deed and a certified copy of such Deed must be furnished to The Company as soon as
practicable after execution.

1.2.     In default of any exercise of the power of appointment contained in clause 1.1, we appoint the Nomi-
nated Beneficiaries named and described in Part One hereto as the absolute beneficiaries of the Trust Fund,
each to take in the percentage shares stated against their respective names or in default of any specification of
such shares then in equal shares. In default of the nomination of beneficiaries in the circumstances described
in Part One hereto, the proceeds of the policy will be held in trust for the Applicants.

1.3.    Subject to the provisions of clause 1.4, if any of the Nominated Beneficiaries appointed herein shall die
before the maturity of the Policy then his or her share, in default of and subject to any further appointment as
aforesaid, shall accrue to and enlarge the share or shares of the other or others of them and if there is more
than one, surviving Nominated Beneficiary, in proportions determined by the formula: {A} x 100
                                                                                           {B}
where A is the share of the surviving Nominated Beneficiary and B is the sum of the shares of each surviving
Nominated Beneficiary, provided that, if the Nominated Beneficiary or (if more than one) all of the Nominated
Beneficiaries shall die before the maturity of the Policy then in default of and subject to any appointment as
aforesaid the Trust Fund shall be held in trust for our benefit absolutely.

1.4      The Provisions of clause 1.3 shall not apply where a Nominated Beneficiary being a child of ours (or
either of us) dies before the maturity of the Policy leaving a child, in which case, the Nominated Beneficiaries
shall be deemed to include that Nominated Beneficiary’s child, such child to take the share which the parent
would have taken if he was then living, and if more than one in equal shares.

2.0     Beneficiaries
2.1.    The expression “the Beneficiaries” means:

2.1.1 ourselves, the Applicants (or either one of us);
2.1.2 any of our children and remoter issue (including children and remoter issue adopted before or after the
date hereof) such as are born before the maturity of the Policy;
2.1.3 any of our step-children and their respective issue such as are born before the maturity of the Policy;
2.1.4 our parents (or any one of them);
2.1.5 any of our brothers and sisters and the issue of our brothers and sisters such as are born before the
maturity of the Policy;
2.1.6   the Nominated Beneficiaries as defined in clause 2.3

2.2.    The expression “the maturity of the Policy” means the earlier of the date of death of the last one of us
surviving, or the total surrender of the Policy for cash whereby all rights and obligations under the Policy are
extinguished and whether or not preceded by any partial surrender or surrenders.

2.3.    The expression “the Nominated Beneficiaries” means the person(s) named and described as such in
Part One hereto and/or such other person to whom a share in the Trust Fund may be appointed from time to
time pursuant to clause 1.1

3.0      Powers of Appointment
3.1      The power of appointing new or replacement Trustees shall be vested in ourselves (or the survivor of
us) during our lifetimes;

3.2      We (or the survivor of us) may at any time by Deed remove any Trustee hereto and may appoint another
in his place and a certified copy of such Deed shall be given to the Company;

3.3    A Nominated Beneficiary acting as a sole Trustee who is also entitled to any benefit hereunder may not
make any appointment or revocation by which he may benefit;

4.0     Trustee Powers
4.1.    The Trustees shall have the following powers in addition to all relevant powers conferred by law.
The Company shall not in any way be accountable for the exercise of such powers or the application of monies
derived therefrom;

4.1.1 Provided the terms of the Policy so permit, to convert the Policy into a fully paid up Policy;
4.1.2 Provided the terms of the Policy so permit to surrender the Policy and to apply the proceeds of such
surrender for the maintenance, education, advancement in life or other benefit of the Nominated Beneficiaries
or any of them;
4.1.3 To exercise any other option afforded by the Policy;
4.1.4 To borrow upon the security of the Policy and to apply the proceeds of such borrowing for the
maintenance, education, advancement in life or other benefit of the Nominated Beneficiaries or any of them;
4.1.5 If at any time a Trustee is a professional or business person reasonable charges can be made in
the ordinary way for all work done in connection with the Trust herein declared by that person or his firm or
company or any partner or employee.
4.1.6 At any time prior to the maturity of the Policy, assign, transfer or vest ownership of the Policy and
entitlement to the Trust Fund in the Applicants solely (or either of them), or vary the terms of this Trust
PROVIDED the consent of the Applicants (or the remaining Applicant as the case may be) is endorsed in writing
on any such deed assigning, transferring or varying this Trust.

5.0     Applicant Powers
5.1     The Applicants (or the survivor of them) reserve the right at any time prior to the maturity of the Policy,
to revoke the Trust PROVIDED such revocation is endorsed in writing.

6.0     General
6.1.    Where the context so admits the singular shall be deemed to include the plural and vice versa, and the
masculine shall include the feminine.
6.2     The appropriate stamp duty has been or will be paid to the Revenue Commissioners in accordance with
Section 113, Finance Act 1990.




While every care has been taken to ensure that this Trust Form has been drafted correctly, the Company
cannot accept any liability (including liability in negligence) for such documentation. This document must be
referred to the clients’ own solicitors for examination.


WARNING: This is an important legal document. You must not sign unless: a) you are
certain that you understand it and that it meets your needs, b) you have consulted your
Solicitor, and c) you have read and understood the explanatory notes.
                               STAMP DUTY INFORMATION SHEET

Please read this Information Sheet to ascertain whether you have to pay stamp duty on your deed or not.

What is Stamp Duty?
Stamp Duty is a tax that may have to be paid when transferring a policy from one person to another. Stamp
Duty must be paid to the Revenue Commissioners within thirty days from the date of your deed. If you fail
to pay the stamp duty due and owing your deed may not become effective until you do. This could result in
a claim not being paid out on an unstamped deed and may lead to penalties being imposed by the Revenue
Commissioners.

How do you know if you have to pay stamp duty on your deed?
Are you transferring the policy into the name of your spouse? If yes, you are not required to pay any stamp
duty as there is no stamp duty payable on transfers between married persons. However, you are still required to
present your deed to the Revenue Commissioners for them to issue a stamp certificate marking it “exempt”.

Are you transferring the policy to an individual other than your spouse? If yes then you may have to pay
stamp duty on this deed. Please see below.

How much stamp duty do you have to pay? Stamp duty is paid at a rate of 0.1% of the value of your policy
at the date the deed is executed. You can find out the surrender value of your policy by calling our Customer
Services Department on 1850 203 203 and asking one of our representatives to give you that information.

If your policy has no surrender value, then stamp duty is not payable but you do have to obtain a stamp
certificate from the Revenue Commissioners nonetheless.

Once you find out what the surrender value of your policy is please use the following formula to find out how
much stamp duty you owe:

Surrender Value x 0.1% = Stamp Duty

How do you get your deed stamped?
The Revenue Commissioners require filing of a stamp duty return on line or by the completion of a hardcopy
stamp duty form. One return must be completed per deed. It is your responsibility to have the deed stamped
by the Revenue Commissioners before returning it to Canada Life. The stamping can be done in two ways:

(1)       By filing a stamp duty return online if you are registered with “Revenue On-Line Service” or “ROS”; or

(2)       By completing a hardcopy stamp duty form (also referred to as a paper return). You can obtain
          paper returns from one of the Revenue Commissioners offices in Dublin, Cork or Galway,
          (see full details of the offices below). Once you complete the paper return, you must deliver it to the
          Revenue Commissioners, by post or in person, together with payment for the duty amount. When it
          has been approved by the Revenue Commissioners, they will issue a stamp certificate for attachment
          to the deed.

Once the stamp certificate has been issued by the Revenue Commissioners it must be attached to the deed
and then returned to the Legal Department, Canada Life, Canada Life House, Temple Road, Blackrock, Co.
Dublin. The deed will be reviewed by the Legal Department before it is sent to Alterations for the appropriate
changes to be made to the policy.

Information and support in relation to the new E-Stamping procedure can be obtained from the Revenue
Commissioners E-Stamping Help Desk, Lo-call 1890 48 25 82.

Revenue Commissioners Contact Details
 Office          Telephone Number                Address
 Dublin          LoCall 1890 48 25 82            New Stamping Building, Dublin Castle, Dublin 2.
 Cork            021-602 7000                    Government Offices, Revenue House, Blackpool, Cork
 Galway          091-547 700                     Stamp Office, Geata na Cathrach, Fairgreen, Galway

				
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