Declaration of trust is the document used to establish the primary details of a trust. While some states allow oral declarations, many states require a written declaration of trust outlining the essential pieces of the trust in order for it to be legally recognized. Declarations generally state who the trustee and beneficiaries are, and they often state how the assets are to be distributed to the beneficiaries. Depending on the type of trust, declarations can include a variety of details like when to end the trust, how to manage the assets, or how to replace a trustee. In England and Wales, a declaration of trust is used as a document certifying the owner or joint ownership of something instead of creating a trust.
[Last updated in January of 2022 by the Wex Definitions Team]