Declaration of Trust - Retrospective

A retrospective declaration of trust of assets is a legal document that is used to clarify the ownership of assets that have been held by one individual or entity but actually belong to another. In essence, this type of declaration is a way to make clear what was already intended or understood to be the case, but was not formally documented or acknowledged.

A retrospective declaration of trust can be useful in a number of situations, such as when a family member has been holding assets on behalf of another family member, or when a business has been holding assets that actually belong to a shareholder or partner. By creating a retrospective declaration of trust, the true owner of the assets can be recognised and the legal ownership can be transferred accordingly.

It's important to note that creating a retrospective declaration of trust can be a complex process and may require the assistance of a solicitor or legal professional. In particular, it may be necessary to demonstrate the intention of the parties at the time the assets were acquired, as well as to identify any tax implications or other legal considerations that may arise.

In some cases, creating a retrospective declaration of trust may also require the consent of other parties who have an interest in the assets. For example, if the assets in question are subject to a mortgage or other type of lien, the lender may need to provide consent before the legal ownership can be transferred.