A Declaration of Trust is a legal document that establishes the existence of a trust and outlines its terms and conditions. It is typically used to transfer assets into a trust and to specify how those assets will be managed and distributed by the trustee. The Declaration of Trust identifies the settlor (the person creating the trust), the trustee (the person or entity managing the trust), the beneficiaries (those who benefit from the trust), and the assets included in the trust. It also sets out the powers and duties of the trustee and any specific instructions regarding the administration of the trust. The Declaration of Trust is an important legal instrument in estate planning and asset protection strategies.
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This glossary post was last updated: 29th March, 2024.
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