A 'trust’ is an entity that holds assets for the benefit of a certain person or other entity. The small trust that we can create for you consists of at least one 'trustee' (your choice) who has responsibility for the assets (in this case, one or two cars) and a 'beneficiary' (there can be more than one beneficiary) for whose benefit the trust was created, usually 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 this trust is that
it is
completely
private, i.e.,
it doesn’t have to be registered with the state, and it
removes
ownership of
the automobile from any single individual. It can be
'sited' at any
address
you’d
like*.
In addition to the Declaration of Trust,
the
beneficiary receives
a
Certificate for 100 Trust Units, similar to shares of
stock for a
corporation. 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.
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) finding a trustee (someone you trust);
2) establishing an address for the trust in the
state of
choice*;
3) having the trust created; and then
3) having the trustee title and register the conveyance
in the name of
the trust and in the
state that the trust is sited in (it's address).
* Generally, the trustee's address is
used.
On
Choosing
a Name: A Heads-Up - If the word 'Trust'
appears
in the name, some states require additional paperwork to
be filed.
There is also a tendency to assume it is registered with
the IRS. A
more business-like name (e.g., 'Enterprises',
'Associates', etc.)
may smooth the registration process.
About
the
Trustee: Obviously, someone you trust. His or
her
personal assets do not in any way become involved in the
trust. S/He
will register the car and sign the Permission to Use
document which is
carried in the car at all times. The
trustee
will need to
show identification when registering 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 as
happened to us
years ago when we first did this for ourselves.
Our simple automobile trust is $150 for
one
car.
For a second car, add an additional $45 to cover the
additional
paperwork ($195).
To have your
trust
created, please
proceed to the print 'n mail Order
form or, if you prefer, the on-line Application. After
submitting your Application, you will automatically be
directed to the payment page.
Send money order
to:
1143 Northern Boulevard, #154
Clarks Summit 18411 Pennsylvania
Have a question? Comment? Send us a message:
| foxyform.com |