Declaration of Trust over Shares

Where shares are held on trust by someone on behalf of the beneficial owner, the beneficial owner will want to ensure that the trustee acts in relation to the shares in accordance with his instructions from time to time. In order to ensure that this happens, it is common for the beneficial owner to have the trustee sign a declaration of trust and dividend mandate.

This declaration of trust serves two main purposes. Firstly, it acts as an acknowledgement of the trust relationship between the parties and secondly, it acts as a means by which the beneficial owner can exercise control over the rights attaching to the shares. In addition, by attaching a stock transfer form to the declaration of trust and having that stock transfer form signed by the trustee but left undated, it allows for the beneficial owner to legally transfer the trust shares back to himself at any given time in the future merely by inserting a date on the stock transfer form.

These features, together, ensure that while the legal title in the shares rests in the name of the trustee, the beneficial owner has the right to control the exercise of the rights attaching to the shares, has the right to receive the benefit of the shares (including the receipt of dividends and other rights attaching to the shares) and has the ability to have the legal interest in the shares transferred to him without the need for the co-operation of the trustee.

Both a (i) declaration of trust and dividend mandate and (ii) a stock transfer form are included with this download. Both documents have been drafted by solicitors and are easy to complete. In addition, the documents come complete with easy to understand guidance notes and instructions on completing them.

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