Declaration of Trust
What is this form?
The Declaration of Trust is a legal document that establishes a real estate investment trust (REIT) under the laws of Maryland. This form outlines the essential governance, powers, and responsibilities of the trustees, as well as the rights of the shareholders. Unlike other trust documents, the Declaration of Trust is specifically designed for real estate investments and adheres to the requirements of the Internal Revenue Code to ensure tax benefits for the trust and its investors.
Form components explained
- Identification of the trust, including its name and resident agent.
- Definitions of key terms such as "trust property," "trustees," and "shareholders."
- Powers and duties granted to the trustees for managing trust property and investments.
- Share structure, including specifics on common and preferred shares.
- Procedures for trustee elections and shareholder meetings.
- Legal provisions on liabilities, indemnification, and limitations for trustees and shareholders.
Situations where this form applies
This form is required when creating a Real Estate Investment Trust (REIT) in Maryland. It is used by trustees who intend to manage a trust that holds, buys, and sells real estate properties. It is also used to clarify the governance structure and the rights of shareholders, particularly when soliciting investments from the public.
Intended users of this form
- Real estate investors looking to establish a structured investment vehicle.
- Trustees appointed to manage a real estate investment trust.
- Individuals or companies seeking to attract investment for real estate projects.
- Lawyers assisting clients in forming legally compliant real estate entities.
How to prepare this document
- Enter the full name of the trust and the date of establishment.
- Identify the trustees and provide their contact details.
- Outline the specific powers of the trustees in managing the trust property.
- Define the structure of shares issued by the trust and their classifications.
- Detail the process for holding annual meetings and electing new trustees.
Notarization requirements for this form
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
Get your form ready online
Our built-in tools help you complete, sign, share, and store your documents in one place.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to include all required trustee information.
- Not specifying the powers of the trustees clearly.
- Inconsistent definitions of key terms throughout the document.
- Missing signatures from all appointed trustees.
Why use this form online
- Access to attorney-drafted templates tailored to Maryland law.
- Easy download and printing options for quick use.
- Ability to fill out the form at your convenience, ensuring accuracy.
- Secure storage and access for future reference and modifications.
Looking for another form?
Form popularity
FAQ
A document in which a person declares that he holds (or two or more persons declare that they hold) assets on trust for the benefit of one or more beneficiaries.
What's included in a Declaration of Trust will depend on your individual circumstances. It can include: How much each person contributes to the deposit, and how much will be repaid to them. What percentage of the property each person will own, and how the money will be split if the property is sold.
A declaration of trust is usually a statement by the legal owner of property that s/he holds the beneficial interest for someone else.The donor/trustee does not need to register the trust with the Land Registry, nor does the document require delivery or a witness to signatures.
Can I make a declaration of trust myself? Some owners are put off using solicitors duke to the deed of trust cost. Individuals can write out their own, and use someone else as a witness. However, this may have errors or not be a legally binding document.
List Your Assets and Decide Which You'll Include in the Trust. Gather the Paperwork. Decide Whether You Will Be the Sole Grantor. Choose Beneficiaries. Choose a Successor Trustee. Choose Someone to Manage Property for Minor Children. Prepare the Trust Document. Sign and Notarize.
While you can use a free online template for a declaration of trust, it is recommended that you get advice from a solicitor, who can also draft the deed. A declaration of trust is a legally binding document, so getting the wording right is very important, and it can be costly to change.
Pick a type of living trust. If you're married, you'll first need to decide whether you want a single or joint trust. Take stock of your property. Choose a trustee. Draw up the trust document. Sign the trust. Transfer your property to the trust.
What's included in a Declaration of Trust will depend on your individual circumstances. It can include: How much each person contributes to the deposit, and how much will be repaid to them. What percentage of the property each person will own, and how the money will be split if the property is sold.
A declaration of trust under U.S. law is a document or an oral statement appointing a trustee to oversee assets being held for the benefit of one or more other individuals. These assets are held in a trust.The declaration of trust is sometimes referred to as a nominee declaration.
