Transfer assets to your Living Trust: Declaration of Trust
What we’ll cover
What is a Declaration of Trust?
A Declaration of Trust records the eligible assets you currently own to your revocable Living Trust. It may cover assets such as real estate, investments, and bank accounts, even when record ownership remains in your individual name.
This Declaration of Trust is designed for use with an existing revocable Living Trust and identifies the trust that will own the covered assets. It excludes Individual Retirement Accounts and other tax-deferred plans.
When to use a Declaration of Trust
- You have created a revocable Living Trust and want to document the assets in it.
- You want the declaration to cover assets you own now and eligible assets you acquire later.
- Some assets associated with your Living Trust may remain titled in your individual name.
Have questions about your Declaration of Trust?
Whether you're preparing your Declaration of Trust, reviewing one someone sent you, or just want to understand it better, here's how to get help.
- Understand what it says or review it. Use our AI legal assistant to ask questions about your Declaration of Trust, understand what it says, and spot anything that may need a closer look.
- Ask an attorney a question. Connect with an attorney for legal information, with a written answer within one business day or a live consultation.
- Get advice on what to do. For privileged, confidential advice about your specific circumstances and next steps, book a Legal Advice Session with an attorney.
Sample Declaration of Trust
The terms in your document will update based on the information you provide
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Declaration of Trust
This Declaration of Trust ("Declaration") is made __________ by __________, of __________, __________, __________ __________ ("Grantor" and "Trustee").
Creation of Trust. I, __________, hereby declare that I hold the property described in Schedule A, attached hereto and made a part of this Declaration, as Trustee of the __________ ("Trust"), under the terms and conditions set forth herein.
Revocation and Amendment. This Trust is revocable and amendable by me, the Grantor, at any time during my lifetime by a written instrument signed by me and delivered to the Trustee.
Trust Property. The initial property of the Trust consists of the assets described below:
Asset Name: __________
Asset Value: __________
Asset Description: __________
Additional property may be transferred to the Trust by me or any other person with my consent.
Trustee. I shall serve as the original Trustee.
Distribution During Grantor's Lifetime. During my lifetime, I shall have full rights to the Trust income and principal.
Distribution Upon Grantor's Death. Upon my death, the Trustee shall:
- Pay all my legal debts, funeral expenses, and expenses of administering my estate and this Trust.
- Distribute the remaining Trust assets as follows:
- __________: __________%
Powers of the Trustee. The Trustee shall have all powers necessary to administer the Trust, including but not limited to the power to buy, sell, invest, reinvest, lease, and mortgage Trust assets.
Governing Law. This Trust shall be governed by the laws of __________.
Except as expressly modified by any amendments I approve, ratify, and affirm the Trust.
_____________________________________ Date :__________________
__________, Grantor
Declaration of Trust FAQs
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What does a Declaration of Trust do?
A Declaration of Trust documents an owner’s covered assets in a revocable Living Trust. The Rocket Lawyer document can apply to eligible assets the person owns when signing as well as assets acquired later.
It also states that covered assets may be treated as held in the trust even when record title remains in the owner’s individual name. Whether additional transfer documents are needed may depend on the asset and the circumstances.
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What information do I need to make a Declaration of Trust?
Before making your Declaration of Trust, be prepared to provide:
- The name of each person transferring assets.
- The full name of the revocable Living Trust.
- The date the associated Trust Agreement was created.
- The date the Declaration of Trust will be signed.
If you do not have all the information available, you can save your document and finish it later.
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What property does a Declaration of Trust cover?
This Declaration of Trust broadly covers eligible assets the signing owner or owners currently possess or later acquire. Examples listed in the document include real estate, investments, and bank accounts.
The document excludes Individual Retirement Accounts and other plans that receive tax-deferred treatment under the Internal Revenue Code. Some assets may also require separate ownership changes, beneficiary designations, deeds, or transfer documents.
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Does a Declaration of Trust create a Living Trust?
No. This Declaration of Trust is intended to be used with a revocable Living Trust that has already been created through a separate Trust Agreement. It identifies the existing trust as the intended owner of the covered assets.
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Is a Declaration of Trust the same as a Trust Agreement?
No. A Trust Agreement establishes the trust and sets out matters such as trustee authority, management of trust property, and the distribution of assets.
A Declaration of Trust instead documents the owner’s assets in an existing trust.
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Does a Declaration of Trust transfer real estate?
The Declaration of Trust expresses an intent to transfer covered real estate to the named Living Trust, including property that may still be recorded in an individual owner’s name.
However, real estate transfers commonly involve additional records or procedures. An attorney can help determine whether a deed or other documentation should also be completed for a particular property.
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Does a Declaration of Trust need to be notarized?
While a Declaration of Trust is not legally required to be notarized in every state, notarization is strongly recommended. Notarizing the document helps prevent future legal challenges and ensures that banks, title companies, and other financial institutions accept it.
