Declaration Of Trust

Declaration Of Trust
A statement made by the title holder of a piece of property that the property is being held for the benefit of another person. The property is placed in a trust, with a trustee overseeing the asset. The declaration outlines who the trust is in benefit of, who can amend or revoke the trust (if it can be amended at all), who will serve as trustee and what powers the trustee holds, and information regarding what is to happen if a beneficiary wants to receive distributions.

A declaration of trust is not required to be made in writing, but it often is. Some states require the declaration to be made in writing, while other states allow oral declarations to be made.

Investment dictionary. . 2012.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • declaration of trust — see declaration 4 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. declaration of trust …   Law dictionary

  • declaration of trust — declaˌration of ˈtrust noun declarations of trust PLURALFORM [countable usually singular] LAW PROPERTY a statement in which a trustee officially says that property is held for someone: • As both the husband and the wife have an interest in the… …   Financial and business terms

  • Declaration of trust — Declaration Dec la*ra tion, n. [F. d[ e]claration, fr. L. declaratio, fr. declarare. See {Declare}.] 1. The act of declaring, or publicly announcing; explicit asserting; undisguised token of a ground or side taken on any subject; proclamation;… …   The Collaborative International Dictionary of English

  • declaration of trust — or declaration of use : a usually written acknowledgment by one holding or taking title to property that he holds the property in trust for or to the use of another …   Useful english dictionary

  • declaration of trust — A means whereby an owner of property may create a trust therein, consisting of his voluntary statement indicating or manifesting his intention to create a trust, which equity will regard as a transfer of title, notwithstanding there is no… …   Ballentine's law dictionary

  • declaration of trust — agreement which puts property into the hands of a trustee …   English contemporary dictionary

  • trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… …   Law dictionary

  • Trust law in England and Wales — is the original and foundational law of trusts in the world, and a unique contribution of English law to the legal system. Trusts are part of the law of property, and arise where one person (a settlor ) gives assets (e.g. some land) to another… …   Wikipedia

  • declaration — dec·la·ra·tion n 1: the act of declaring declaration of dividends declaration of war 2 a: the first pleading in a common law action compare complaint …   Law dictionary

  • trust declaration — See: declaration of trust Category: Wills, Trusts & Estates → Estate Tax Category: Wills, Trusts & Estates → Living Wills & Medical Powers of Attorney Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 …   Law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”