Legal Definitions - trust declaration

Trust declaration is a legal document that can be written or spoken. It creates a trust and appoints a trustee to manage assets for the benefit of a third party. The document usually includes details such as the assets involved, the purpose of the trust, and how it will be managed.

John creates a trust declaration that appoints his sister, Jane, as the trustee. The trust declaration states that Jane must manage John's assets for the benefit of his children. The document lists the assets involved, such as John's house and savings account, and outlines how Jane should manage them.

Another example is when a wealthy individual creates a trust declaration to donate money to a charity. The document appoints a trustee to manage the funds and outlines how the money should be used to benefit the charity.

These examples illustrate how a trust declaration can be used to create a trust and appoint a trustee to manage assets for the benefit of a third party.