A more thorough explanation:

A declaration of trust is a legal document that establishes the important details of a trust. In some states, it can be an oral declaration, but in many states, it must be a written document for it to be legally recognized.

The declaration of trust usually includes:

• The name of the trustee (the person who manages the trust)
• The names of the beneficiaries (the people who benefit from the trust)
• How the assets in the trust will be distributed to the beneficiaries

Depending on the type of trust, the declaration can also include other details, such as:

• When the trust will end
• How the assets will be managed
• How to replace the trustee

For example, if someone wants to set up a trust for their children's education, they would create a declaration of trust that outlines who the trustee is, who the beneficiaries are (their children), and how the assets in the trust will be used to pay for their education.

In England and Wales, a declaration of trust is used to certify the owner or joint ownership of something instead of creating a trust. For example, if two people buy a house together, they might create a declaration of trust that outlines how much of the house each person owns.