How to Establish a Lionheart Trust
About this episode
This episode discusses the establishment and legal considerations of a Lionheart Trust under the Sovereign Base Areas law.
Understanding the Lionheart Trust Framework A trust governed by the law of the Sovereign Base Areas of Akrotiri and Dhekelia requires careful legal drafting because it is based on a historical trust law framework that differs from modern UK trust legislation. Any trust established under SBA law should be designed to comply with the applicable governing law and the tax and reporting obligations of every relevant jurisdiction. ⚖️ 1️⃣ Obtaining the Trust Documentation A Lionheart Trust begins with a professionally prepared trust deed. The governing instrument should: • Clearly identify the governing law • Define the trustee's powers and duties • Specify the beneficiaries • Set out administrative procedures The trust deed forms the legal foundation of the structure. 📄 2️⃣ The Importance of the Trust Deed Because the SBA trust framework preserves historic English trust principles, the trust instrument plays an especially important role. A carefully drafted deed should clearly address: • Trustee powers • Investment authority • Administrative powers • Appointment and retirement of trustees • Beneficiary rights • Protector provisions, where appropriate 🏛️ 3️⃣ Historic Trustee Powers…
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