President-elect Donald Trump said he would dissolve his charitable foundation, a step he said he was taking to avoid “even the appearance of any conflict” when he takes office next month.

A statement from Mr. Trump’s transition team Saturday said he has told his legal counsel to “take the necessary steps to effectuate the dissolution” of the Donald J. Trump Foundation, but did not specify what would happen to the foundation’s assets or how his team would go about shutting it down.

The...