Declaration of Trust
Create a Private Contract Trust — a business trust agreement where a trustee holds legal title to assets for beneficiaries. Massachusetts Trust heritage.
What it is
A Declaration of Trust (also called a Trust Agreement) creates a trust and states its terms — the trust name, the settlor who creates it, the trustee who administers it, the beneficiaries, and the property that makes up the trust.
Business trust structure
In a business or Private Contract Trust, a trustee holds legal title to business assets for the benefit of beneficiaries. Different states treat these structures differently — consult an attorney about the rules that apply to your situation.
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