Declaration of Trust

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Declaration of Trust

An assertion by a property owner that he or she holds the property or estate for the benefit of another person, or for particular designated objectives.

The term also signifies the deed or other instrument that contains the statement—which may be either written or oral, depending upon the applicable state law.

declaration of trust

n. the document signed by a trustor (settlor) creating a trust into which assets are placed, a trustee is appointed to manage the trust (who may be the party who created the trust), the powers and duties of management of the principal and profits of the trust are stated, and distribution of profits and principal is spelled out. (See: trust, trustee, trustor, settlor)

DECLARATION OF TRUST. The act by which an individual acknowledges that a property, the title of which he holds, does in fact belong to another, for whose use he holds the same. The instrument in which the acknowledgment is made, is also called a declaration of trust; but such a declaration is not always in writing, though it is highly proper it should be so. Will. on Trust, 49, note y; Sudg. on Pow. 200. See Merl. Rep. Declaration au profit d'un tiers.

References in periodicals archive ?
In this case, the couple used a declaration of trust to gift their child and grandchildren money after being advised to create one.
Executing a declaration of trust is an important mechanism for parents providing the funds for a property deposit to ensure their financial investment is protected in the event of a breakdown of the relationship between their child and partner.
Having a clear Declaration of Trust would serve to prevent costly disputes in any subsequent divorce as to whether such funds are intended to be a gift.
35) They vote on other important matters, such as the amendment of the declaration of trust, the sale of all or substantially all of the trust assets, or the dissolution of the trust.
He knew that the Declaration of Trust was a significant step to be taken by the club to enable Mr Guterman and him to redevelop the ground as part of the Wrexham Project.
Agellan Commercial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.
As a result, the sponsor, the Bank of New York Mellon, as property trustee, BNY Mellon Trust of Delaware, as Delaware trustee, the Bank of New York Mellon, as trust agent, and the regular trustee have entered into the second amended and restated declaration of trust of CBA Capital Trust II to implement the proposed amendments.
WHEN buying a property jointly, whether as your home or as an investment, all parties need to form a Declaration of Trust, also known as a Trust Deed.
In order to avoid disagreements, Mr Khatib advises unmarried couples to enter into a declaration of trust.
The property I live in is governed by a declaration of trust.
Draw up a document called a Declaration of Trust setting out your respective shares in the property.

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