| A 'trust’ is an
entity that holds
assets for the
benefit of a certain person or other entity. The small trust that we
offer consists of at least
one
'trustee' who has responsibility for the assets (in this case, one or
two cars) and a 'beneficiary' for whose
benefit
the trust was created who, in this case, is the man or woman who uses
the car(s). There are many different types of trusts but for
our purposes the foregoing definition is sufficient.
The benefit of using a trust is that it is
completely
private, i.e.,
it doesn’t have to be registered with the state, it takes ownership of
the automobile out of your name, and you can use any address
you’d
like for it*. Besides the Declaration of Trust, you also receive
a
Certificate for 100 Trust Units, which is similar to a stock
certificate for a corporation. The Trust Units are in the name of the
beneficiary. You also get a
"Permission
to Use" document which is basically a letter from the trustee stating
that
the named beneficiary and anyone else s/he may appoint has permission
to
use the car.
Aside from putting distance between you and the
corporate state, having
your automobile in a trust may have the added benefit of protecting you
from lawsuits and judgements particularly if they result from
non-moving
violations, like parking tickets.
Utilizing a trust for
conveyance registration
purposes consists of:
1) establishing an address for the trust in the
state of
choice*,
2) setting up a simple automobile trust, and then
3) titling and registering the car in the name of the trust in that
state.
* Generally, the trustee's address is used. The
trustee
will need to
show identification, and for the trustee’s protection, have
him/her write
“by agent” after their signature when signing the registration form.
Also,
caution your trustee to make sure the registrar puts the name of the
trust
organization as the owner, not the trustee’s name.
Our simple automobile trust is $135. To have your
trust
created, please
proceed to the Application.
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