Bare Trust Declaration with Joint Ownership (BC)

Summary

This precedent is an example of a bare trust with joint ownership, which is used to avoid probate costs. Such trust will provide that beneficial ownership remains with the client and that the joint owners together hold legal title as bare trustees for the client. This precedent contains practical guidance, alternate clauses and drafting notes. Where the client wants to avoid the probate costs by registering property in the joint names of the client and another or others, a bare trust declaration with joint ownership has been useful. In this planning tool, the client/transferor and the new joint owner(s)/transferee(s) together declare under seal, that the transfer of the property in question is a matter of convenience to the client/transferor only, that the beneficial ownership remains with the client/transferor and that the joint owner(s)/transferee(s) hold legal title as bare trustee(s) for the client/transferor. The property transferred may be personal or real property, although in ...