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Discretionary Trust and Where the Investment Is with Utmost Limited Or Utmost Paneurope Dac

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Discretionary Trust and Where the Investment Is with Utmost Limited Or Utmost Paneurope Dac D I S C R E T I O N A R Y T RUST S E T T LO R C A N NOT BE A BENEFICIARY Before completing this Trust Deed, you should take appropriate professional advice as to its suitability, ensuring it meets your needs and does not conflict with any other arrangements you have made. You should also make sure that your chosen Trustees understand their duties and responsibilities as Trustees. Please also ensure you complete and submit the Tax Information Exchange Pack for Entities along with this Trust Deed. Throughout this Trust Deed, ‘we’, ‘our’ and ‘us’ refers to either Utmost Limited or Utmost PanEurope dac depending on your bond provider. Once complete, please return this Trust Deed and any supporting documents to the relevant address for your chosen bond provider: Utmost Limited, Royalty House, Walpole Avenue, Douglas, Isle of Man, IM1 2SL, British Isles. OR Utmost PanEurope dac, Ashford House, Tara Street, Dublin 2, D02 VX67, Ireland. Once all necessary information has been received and processing has been completed, we will then date the Trust Deed and note the Trust on our records. TICK SECTIONS PAGE SECTION TO BE COMPLETED BY COMPLETED Part 1 – 4 B - Definitions The Settlor The Trust Deed 8 D - Signatures Settlor & Trustees & Witness Part 2 – Our Anti-Money 10 E - Politically Exposed Persons Settlor & Trustees Laundering Requirement Tax Information Exchange Separate document available N/A Parties to the Trust Pack for Entities from our website Utmost Wealth Solutions is a trading name used by a number of Utmost companies. Utmost Trustee Solutions is the trading name used by Utmost Trustee Solutions Limited. This item has been issued by Utmost Limited and Utmost PanEurope dac. The following companies are registered in the Isle of Man: Utmost Limited (No 056473C), Utmost Administration Limited (No 109218C) and Utmost Trustee Solutions Limited (No 106739C) which are regulated or licensed by the Isle of Man Financial Services Authority. Utmost Services Limited (No 059248C) is an appointed representative of Utmost Limited. Each has its registered office at:R oyalty House, Walpole Avenue, Douglas, Isle of Man, IM1 2SL, British Isles. Utmost Limited is authorised in the UK by the Financial Conduct Authority (160418). Utmost PanEurope dac (No 311420), trading as Utmost Wealth Solutions, is regulated by the Central Bank of Ireland. Its registered office is Navan Business Park, Athlumney, Navan, Co. Meath C15 CCW8, Ireland. Where required, all promotional material has been approved by Utmost Limited which is authorised in the UK by the Financial Conduct Authority. UWS PR 0130/02.02.2021 1 | 10 DISCRETIONARY T RUST S E T T LO R C A N NOT BE A BENEFICIARY I M P O R TA N T I NFORMATION The Trust Deed may be used by a single Settlor or joint Settlors, who wish to place a new or existing bond into a Discretionary Trust and where the investment is with Utmost Limited or Utmost PanEurope dac. It is expected that a Discretionary Trust will be used when the Settlor wishes to give the Trustees discretion to decide which Potential Beneficiaries will receive benefit, and how much they will receive, from the Trust Fund. To be effective for UK Inheritance Tax, the person creating the Trust (the Settlor) cannot benefit from it and this Discretionary Trust excludes you (the Settlor) from benefit. Please note that when a new or existing bond is put into Trust, it is given away completely. The Trustees then hold it on behalf of the Potential Beneficiaries. You, as the Settlor, are no longer entitled to any payments from the bond or its proceeds. The Trust Deed must NOT be used if you wish to have access to (or benefit from) any payments from the bond now, or at any time in the future. I M P O R TA N T I NFORMATION FOR T R U S T E E S – UK T R U S T R EGISTRATION When this Trust is created and where the Settlor and Trustees are UK resident, it is likely that the Trust will be classified as a UK express trust under the regulations adopted by the UK government arising from the EU Fifth Money Laundering Directive. The Trustees will be responsible for registering certain Trusts, including UK express trusts, on the UK government’s online Trust Registration Service. To comply with the regulations, the Trustees must provide information about the Settlor, the Trust and the beneficial interest it creates within the required timeframe. Please speak to your financial adviser to ensure you and your Trustees understand these reporting requirements. Before completing this Trust Deed, you should ensure you have: › checked that this Trust Deed meets your requirements and does not conflict with any other arrangements you have › read all the relevant product literature, including the relevant Product Guide and any supporting documents, which are available from your financial adviser or from us › read the ‘Important Warning’ on page 4. When completing this Trust Deed, please ensure you have: › completed all sections within this Trust Deed and that all signatures provided in Section D are witnessed as requested › attached any additional instructions or documentation securely to the back of this Trust Deed › discussed anything you don’t understand with your financial adviser before signing the Trust Deed › also completed and submitted the separate Tax Information Exchange Pack for Entities. HO W W E USE YOUR INFORMATION Details about how we use your information, your rights over this information and how you can exercise your rights can be found in the applicable Privacy Notice. We publish our Privacy Notice on our website at www.utmostinternational.com or you can contact us on +44 (0)1624 643 345 and request a copy. All persons whose details are collected in this form should read the Privacy Notice to understand how the data provided about them will be used. 2 | 10 UWS PR 0130 DISCRETIONARY T RUST S E T T LO R C A N NOT BE A BENEFICIARY N OTES FOR COM P L E T I N G T H E T R U S T D E E D Please complete this Trust Deed using blue or black ink and BLOCK CAPITALS. If you make a mistake, cross it out, put in the correct words and ensure both you and the witness to this Trust Deed initial next to the correction. Please do not use correction fluid. No alterations should be made to this Trust Deed, other than where the Settlor wishes to change the categories of potential Beneficiaries. S E C T I O N A – S ETTLOR’S DECLARATION This is where the Settlor (as applicant for a new bond or as owner of an existing one) declares that all the policies contained within the bond will be held by the Trustees, for the Potential Beneficiaries, from the Effective Date of the Trust. S E C T I O N B – DEFINITIONS 1 Effective Date – This should be left blank. It will be completed by us. 2 Trust Fund – The details of the policies which form part of the Trust Fund should be identified here. For existing bonds, please state the contract number of your bond. For new bonds, please state the date of your application for the bond. We will add the bond number when the bond is issued. 3 The Settlor – The details of the creator of the Trust should be included here. 4 The Trustees – The details of the persons who will act as Trustees should be set out here. If the Settlor is to be a Trustee, they should be named again here. Where individuals are to act as Trustees, at least two should be appointed. Where a Corporate Trustee is appointed, one is sufficient. 5 Potential Beneficiaries – This section sets out the categories of persons, excluding the Settlor, any one or more of whom could receive benefit from the Trust Fund if the Trustees so decide. The Settlor may delete any category which is not required. During their lifetime, the Settlor can also nominate additional Beneficiaries to the Trustees, in writing, at any time. S E C T I O N C – T RUST PROVISIONS This describes the terms of the Trust and the powers given to the Trustees. It is important that you and the Trustees are familiar with the Trust Provisions and the extent of the Trustees’ discretionary powers. Your attention is drawn to the effect of clauses C4 and C10 of the Trust Provisions. Clause C4 limits the Trustee’s duty of care, whilst clause C10 limits the Trustee’s liability for breaches of trust and loss of the Trust Fund. This means that the Trustees are not liable for any loss to the Trust Fund except that arising from their own fraud or dishonesty. If you have any questions about this or any other trust provision please discuss them with your legal adviser. S ECTION D – S IGNATURES The Settlor and all the Trustees must sign in this section, and each signature should be witnessed by an independent person who is aged 18 or over, and is not a party to this Trust Deed or a Potential Beneficiary. SIGNATURE This symbol shows where the Settlor, Trustees and witnesses must sign. C ORRES P ON D ENCE Please name the Trustee who is to receive all future correspondence in the box below. UWS PR 0130 3 | 10 DISCRETIONARY T RUST S E T T LO R C A N NOT BE A BENEFICIARY PA R T 1 — Th E T R U S T D EE D IM P ORTANT WARNING This Trust Deed has been prepared in accordance with our interpretation of the law of England & Wales and HM Revenue & Customs practice as at 1 January 2021.
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