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Is certification of trust the same as declaration of trust?

A certification of trust is a type of declaration of trust. The difference is that it excludes the details of what property is held in the given trust and the identity of beneficiaries.

What is the biggest mistake parents make when setting up a trust fund?

Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.

What is a declaration of trust?

A Declaration of Trust is a legal document confirming the terms on which an asset, such as a property, is held on trust. The document usually records the portion of the ownership of the property, as well as other terms agreed by the parties.

What is the definition of a trust in the Internal Revenue Code?

In general, the term trust as used in the Internal Revenue Code refers to an arrangement created either by a will or by an inter vivos declaration whereby trustees take title to property for the purpose of protecting or conserving it for the beneficiaries under the ordinary rules applied in chancery or probate courts

What is the meaning of certificate of trust?

A certificate summarizes details from a trust document that might be needed for financial institutions. Think of it as akin to a brief executive summary. The certificate of trust might include information such as proof that the trust exists and information on the assets held by the trust.