A self-declaration of trust is a special type of living trust in which you, as trust-maker, declare yourself to be trustee of your own assets for your own benefit. In so doing, you continue to be responsible for those assets for as long as you are able and willing.

Many people find a self-declaration of trust to be superior to a will for the following reasons:

• Ease of Transition – The trust agreement provides for the appointment of a successor trustee to take over in the event of your death, incapacity, or decision to resign as trustee. In the event you become unable to manage your affairs – or if you choose to relinquish those duties – the administration of your trust transfers smoothly to your chosen successor. There is no need for any legal proceedings.
• Confidentiality and Privacy – A self-declaration of trust, unlike a will, is not filed in Probate Court. Thus, public disclosure of your assets and their disposition is avoided.
• Reduced Fees – Because assets held in trust are not subject to probate, estate settlement costs are reduced.

If you’d like additional information about self-declarations of trust, estate planning, or other financial issues, Northern Trust would be pleased to assist you. Please contact your Relationship Manager or our office most convenient to you.

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