How To Use
Trust Declarations give you protection from the attachment of assets held personally in your name.
They are useful both for this legal purpose and the financial one that it makes it all the tougher for an opposing attorney to pierce the trust veil, so to speak, if that is possible. Therefore, an opposing attorney is more apt to stop pursuit of you if your assets are held in trust and therefore harder, if not impossible, to attach with a judgment. Hence comes the term “Judgment Proof”. Sweet music to the ears of those of us who are not lawyers.
You should also obtain a resignation of trustee document, provided in the trust area as well, and have it signed should you have a falling out with your trustee at a later date. An ounce of prevention here can save the proverbial pound of cure. More than a few people, including myself, have been saved by this cautionary move. As the famous Mr. Dooley once said, “Trust everyone, but cut the cards”. Amen.
- Make sure you have two witnesses and a third to be absolutely safe in the trust area. You should have the agreement notarized, to be on the safe side.
- Make multiple copies and keep one with the specific transaction, another in your general financial agreements, and a third in your safe.
Trust Declaration, Stocks
This Trust Declaration made as of ________________ (Date), by and between _________________________________ (“Trustee”) and _________________________________ (“Beneficiary”).
Whereas the Trustee is the registered owner of _______________________ shares (“Shares”) of the corporation (“Corporation”); and the Shares are to be held by the Trustee as trustee and nominee for the Beneficiary;
Therefore this Declaration of Trust witnesses as follows:
- The Trustee hereby declares that he or she holds the Shares and all dividends and interest accrued or to be accrued upon the same upon trust for the Beneficiary and agrees to transfer the Shares as directed by the Beneficiary or otherwise deal with the Shares and the dividends and interest payable in respect of the same in such manner as the Beneficiary shall from time to time direct…