self-declared trust

A self-declared trust is a situation where an individual who has both legal and equitable ownership declares that they now hold the legal title for the benefit of another individual. In this type of trust, the person creating the trust (the settlor) also acts as the trustee. The settlor retains control and management of the trust assets while holding the property in trust for the benefit of the beneficiaries. 

[Last reviewed in June of 2024 by the Wex Definitions Team]

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