An assertion by a property owner that he or she holds the property or estate for the benefit of another person, or for particular designated objectives.
The term also signifies the deed or other instrument that contains the statement—which may be either written or oral, depending upon the applicable state law.
declaration of trust n. the document signed by a trustor (settlor) creating a trust into which assets are placed, a trustee is appointed to manage the trust (who may be the party who created the trust), the powers and duties of management of the principal and profits of the trust are stated, and distribution of profits and principal is spelled out. (See: trust, trustee, trustor, settlor)
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