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.