Standard Legal does not offer a Declaration of Trust (although some Trust Agreements are entitled “Declaration of Trust”). However, we do offer a “Memorandum and Certificate of Trust” to accomplish many of the same goals. <\/p>\n
This Memorandum and Certificate of Trust is a summary of the actual Trust document that a person may create. The Memorandum and Certificate has many uses, but its main purpose is to keep the specific terms of the Trust document confidential while providing third parties (those that are required to deal with the Trust as a legal entity, i.e. bankers, attorneys, real property offices, etc.) with certain essential facts concerning the existence of the Trust. <\/p>\n
For example, a Memorandum and Certificate of Trust may be used when transferring ownership of a financial account from the Trust to a third party. The bank would most likely ask to review the Trust document to determine if the Trust has authority to make that transfer. However, if you desire to keep the specific terms of the Trust confidential and secret, a Memorandum and Certificate of Trust can be provided to the bank to satisfy their inquiry about whether or not the Trust possesses such authority. <\/p>\n
The Memorandum and Certificate of Trust can also be used when transferring assets TO the Trust. <\/p>\n
Again, the Memorandum and Certificate acts as a summary of the Trust without the disclosure of the entire contents to the Trust itself. <\/p>\n