DOCUMENT 普通法 · trust deed 模板 silent settlor 架构家族发现型继承最后审阅 · 2026-05-28

沉默设立人 trust deed 模板解读

silent settlor trust deed · BVI / Jersey / Bermuda 普通法系架构 · 周家场景

"沉默设立人"（silent settlor）不是法律术语 · 是中国 HNW 圈对一类家族信托设计的俗称。settlor 在生前对家人完全保密信托存在 · 受益人只在 settlor 死亡后 · 通过抽屉里那张信件 + 律师电话才知道——"原来父亲八年前就在 Bermuda 设了一个信托 · 你们三个是受益人 · 资产 USD 12M。"周老先生 2025 年 11 月去世。家属在他书房抽屉里发现一封律师事务所信封 · 内含一张Bermuda trustee 公司联系卡 + 一份 schedule of trust assets 的影印件 + 一份 letter of wishes。trust deed 原本不在中国境内（trustee 那边）。律师立刻联系 Bermuda · 验证身份 · 启动后续。可整个过程暴露三个抽屉发现型架构特有的脆弱点——本条目逐条解读这种 trust deed 的典型条款 + 真正陷阱。

本文不是 sample contract——是解读型分析。读者应在阅读后能识别自己的 trust deed 是否落入 silent settlor 范式 · 以及该范式自带的四个结构性弱点。

文件类型 + 当事方

文件性质：trust deed（discretionary trust 居多）· 单独 deed 形式 · 不在公开登记
当事方：(a) settlor（沉默设立人）· (b) trustee（持牌公司 · 通常 BVI / Bermuda / Jersey）· (c) protector（可选 · 多为律师 / 独立第三方 · 不是家人）· (d) beneficiaries（命名 · 但不知情）
典型时间线：settlor 在体检发现严重病变 / 突发想法 / 跨境业务变动期设立 · 设立后不告知家人 · letter of wishes 中详述家庭背景 + 分配偏好
资产来源：通常是个人婚前财产 或明确 separation 的境外资产 · 避开夫妻共同财产 § 1062 路径

标准条款 1 · 受益人定义

CLAUSE 1 · Beneficiaries

The "Beneficiaries" shall be the persons named in the Schedule of Beneficiaries attached hereto, together with such other persons as the Trustee may from time to time, in its absolute discretion and with the prior written consent of the Protector, add to the class of Beneficiaries. The Beneficiaries shall not be informed of the existence of this Trust until such time as the Trustee determines, in its discretion, that such notification is appropriate, taking into account the Settlor's wishes as expressed in the Letter of Wishes.

"受益人不被通知"不是普遍合法——某些 jurisdiction（如 Jersey · 部分 Cayman 判例下）规定受益人到达法定 minimum 信息权 · 即使 settlor 要求"沉默" trustee 也可能被法院命令披露
"discretion to add"——trustee 单方面增减受益人范围；这条让架构灵活但对继承人不利

标准条款 2 · 受托人沉默权

CLAUSE 2 · Trustee's Power of Silence

Notwithstanding any general law to the contrary, the Trustee shall not be required to inform any Beneficiary of (a) the existence of this Trust; (b) the Beneficiary's interest hereunder; (c) the value or composition of the Trust Fund; (d) any past, present, or proposed distribution; provided that the Trustee shall maintain such records as are required by applicable law.

这条尝试 contractual override 法定信息权——但法院在判决（如 Schmidt v Rosewood [2003] UKPC 26）中确立 beneficiary 的信息权来自 trust property right · trustee 的"沉默权"不能绝对排除法院命令
实务影响：trustee 可以在 settlor 生前保密；settlor 死亡后 · 法院通常会命令披露

标准条款 3 · letter of wishes 重要性条款

CLAUSE 3 · Letter of Wishes

The Settlor has executed a Letter of Wishes concurrently with this Deed, in which the Settlor expresses non-binding guidance to the Trustee as to the exercise of the Trustee's discretionary powers. The Trustee shall take into account, but shall not be bound by, the Settlor's wishes. The Letter of Wishes may be updated, replaced, or revoked by the Settlor from time to time during the Settlor's lifetime.

关键 trap clause 1 · 触发披露的"event"

TRAP · disclosure trigger event

Sample trap clause: "Trustee shall use reasonable efforts to identify Beneficiaries upon the occurrence of any of the following events: (a) the death of the Settlor; (b) the receipt by the Trustee of evidence that the Settlor has become incapacitated; (c) the expiration of [X] years from the date of this Deed; (d) the receipt of a court order requiring disclosure."

trap：(c) "X 年后自动披露" 在某些 deed 中是空白或被设为 50 年——本质上让 settlor 的"沉默偏好"延伸到继承代际之外；这条经常在继承诉讼中被攻击为 "anti-public-policy"

关键 trap clause 2 · trustee 自我替换权

TRAP · trustee self-replacement

Sample trap clause: "The Trustee may, with the written consent of the Protector, retire and appoint a successor Trustee. In the event no Protector has been appointed or the Protector is unable or unwilling to act, the Trustee may appoint its successor without further consent, provided that the successor Trustee is a licensed corporate trustee in [BVI/Bermuda/Jersey]."

trap：trustee 在 settlor 死亡 + protector 离职 / 死亡 / 未指定继任时单方面选任继任 trustee——继承人对继任 trustee 的选择无否决权。某些情况下 trustee 选择"自家关联公司"为继任 · 实质上让信托永远停留在某一服务提供商体系内

关键 trap clause 3 · 行政费 / 管理费

TRAP · administration + termination fee

Sample trap clause: "The Trustee's fees shall be charged in accordance with the Trustee's published fee schedule from time to time, plus reasonable out-of-pocket expenses. In addition, upon termination, transfer, or substitution of the Trustee, an exit fee equal to the greater of (i) one year of standard administration fee, or (ii) [X]% of the Trust Fund value, shall be payable."

trap：(a) "published fee schedule from time to time"——这给 trustee单方面提价权 · 实务中常见从年费 USD 25K 升到 USD 75K · (b) exit fee 可能高达 1—3% AUM——这让继承人在"想换 trustee" 时面临真实经济成本

关键 trap clause 4 · 沉默期内的分配限制

TRAP · pre-notification distribution lock

Sample trap clause: "Notwithstanding any other provision herein, no distribution of capital or income shall be made to any Beneficiary who has not been formally notified of his or her status as a Beneficiary, except in cases of (a) demonstrated medical emergency, or (b) any other circumstance the Trustee, in its sole discretion, determines to warrant a distribution."

trap：受益人在不知情期间 · 即使有真实经济需求（教育 / 创业 / 医疗）· trustee不主动分配；这导致很多孩子的关键人生节点错过资产支持——继承到的是累积资产而非持续关怀

silent settlor trust 与其他文件的关系

letter of wishes：sealed letter · trust deed 的家庭叙事补充；非 binding 但事实上指导 trustee · 在诉讼中作为意图证据
schedule of assets：trust 初始资产清单 · settlor 后续 add 时更新；不一定在中国境内留有副本
memorandum of identification：settlor 在签 deed 时签的"我是 settlor / 资金来源合法"声明 · KYC 文件
"in case of death"信件：settlor 留在抽屉里 / 保险箱 / 律师处 / 配偶处的家书 · 内含 trustee 联系信息 + 一句话叙述——这是抽屉发现型架构的"trigger letter"
遗嘱：silent settlor 经常在遗嘱中完全不提及该信托 · 因为信托资产已"出" estate；这导致遗嘱执行人不知道信托存在

失效场景

抽屉信件丢失：settlor 突发死亡 · 没人知道 trustee 联系方式 → 资产休眠· 部分法域信托资产长期未 claim 可被 escheat（充公）
受益人不存在 / 死亡：settlor 设立时受益人是子女 · settlor 死亡时部分子女已死亡 / 无法联系 → trustee 需依 default beneficiary 路径分配
配偶 1062 主张：settlor 死亡后 · 配偶通过遗产程序发现信托 · 主张资金来自婚后共同财产 § 1062 → 信托对配偶份额无效
trustee 自我利益：长期沉默期内 · trustee 累积管理费 / 投资银行选择 / 投资标的选择均无人监督——容易出现 fee skim / 关联交易问题
tax 报告缺失：受益人不知信托存在 → 不能履行美国 Form 3520 / 8938 等 reporting → 受益人事后发现时已存在多年未报告 → 高额罚款

cross-link

引用

Cases

Schmidt v Rosewood Trust Ltd [2003] UKPC 26 · beneficiary 信息权来源
In re Londonderry's Settlement [1965] Ch 918 · trustee 沉默权的边界
Re Internine Trust [2006] JLR 195 · Jersey 法院命令披露