Declaration of Trust
Create a Private Contract Trust — a business trust agreement where a trustee holds legal title to assets for beneficiaries. Massachusetts Trust heritage.
What it is
A Declaration of Trust (also called a Trust Agreement) creates a trust and states its terms — the trust name, the settlor who creates it, the trustee who administers it, the beneficiaries, and the property that makes up the trust.
Business trust structure
In a business or Private Contract Trust, a trustee holds legal title to business assets for the benefit of beneficiaries. Different states treat these structures differently — consult an attorney about the rules that apply to your situation.
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Frequently Asked Questions
What is a Declaration of Trust?
A Declaration of Trust is a legal document that creates a trust and states its terms — the trust name, the settlor who creates it, the trustee who administers it, the beneficiaries, and the property that makes up the trust. It is the foundational agreement that establishes the trust relationship.
Is a Declaration of Trust the same as a trust agreement?
Yes, a Declaration of Trust is also commonly called a Trust Agreement. Both terms refer to the document that establishes a trust, identifies the parties, and sets out the rules governing how the trust operates. The terms are used interchangeably in most contexts.
Do I need a lawyer to create a Declaration of Trust?
You are not legally required to use a lawyer to create a Declaration of Trust. Tools like FreeTrustDocs let you generate one yourself for free. However, trust law varies by state and the consequences of errors can be significant. You should consult a licensed attorney if you have questions about your specific situation.
What's the difference between a Declaration of Trust and a Certificate of Trust?
A Declaration of Trust is the full trust agreement that creates the trust and includes all of its terms. A Certificate of Trust is a short summary document that certifies the trust exists and the trustee is authorized to act, without revealing the full private terms. Institutions often accept a Certificate of Trust in lieu of the full agreement.
Can I modify a Declaration of Trust after signing?
If the trust is revocable, the settlor can typically modify or revoke the Declaration of Trust at any time. If the trust is irrevocable, modifications are much more limited and may require beneficiary consent or court approval. The ability to modify depends on the terms of the trust and your state's laws.