Declaration Of Trust Legal Meaning and Definition

Here is a simplified definition of the legal term Declaration Of Trust.

Declaration of Trust (noun):

A legal document signed by a trustor (the person who creates the trust). This document establishes a trust over certain assets. It sets out the roles, rights, and duties of the trustee (the person managing the trust). The trustee could be the same person who created the trust or a different person. The declaration of trust also outlines how gains and the main body of the trust (principal) are to be divided.