The District of Columbia Declaration of Trust is a legally binding document that establishes a trust in the District of Columbia jurisdiction. This trust is created when a settler transfers their assets or property to a trustee, who then manages and administers those assets on behalf of one or more beneficiaries. One key feature of the District of Columbia Declaration of Trust is the fiduciary relationship it creates between the trustee and the beneficiaries. The trustee is obligated to uphold the best interests of the beneficiaries, acting in a trustworthy and responsible manner. There are several types of District of Columbia Declarations of Trust, each serving distinct purposes: 1. Revocable Living Trust: a common type of trust that allows the settler to retain control and make changes during their lifetime. It offers flexibility and avoids probate upon the settler's death. 2. Irrevocable Trust: this type of trust cannot be modified or revoked without the consent of the beneficiaries. It can offer estate tax benefits and asset protection. 3. Charitable Remainder Trust: this trust allows the settler to donate assets or property to a charitable organization while retaining income from those assets during their lifetime. It provides both philanthropic and tax advantages. 4. Special Needs Trust: a trust established for disabled individuals to protect their eligibility for government benefits while ensuring their long-term financial security. 5. Testamentary Trust: created within a will and only takes effect after the settler's death. It allows for the distribution and management of assets according to the settler's wishes. 6. Granter Retained Annuity Trust (GREAT): an irrevocable trust that allows the settler to transfer assets to beneficiaries while retaining an annuity for a specified term. It can be used as an estate planning tool to minimize gift and estate taxes. It is important to note that the District of Columbia Declaration of Trust must comply with local laws and regulations. Seeking the advice of an attorney experienced in trust law is advisable to ensure the trust is properly established and administered.
District of Columbia Declaration of Trust
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