Bare Trust Declaration for Real Property (BC)

Summary

This precedent is a bare trust for real property which is created where a trustee or trustees holds property in trust for a beneficiary or beneficiaries absolutely. It includes practical guidance, drafting notes and alternative clauses. At common law, a bare trust is one where the trustee holds property in trust for one or more beneficiaries absolutely. The trustee will have no duties to perform beyond conveying to the beneficiaries upon demand (although there will be the obligation of safeguarding the trust property, and perhaps investing prudently, subject of course to the beneficial owner's wishes). As no consideration passes, it is imperative that a bare trust be made under seal. The main attraction of the bare trust is to effect wealth transfer without attracting probate fees and related expenses. The bare trust may also be used to hold property for a trust where it is not possible to immediately transfer the property to the trustee. For more information on bare trusts, see the ...