Trustee Resignation

by law on February 1, 2012

Trustee Resignation is provided to inform you about the document in question and assist you in its preparation.  It is imperative you get this Trustee Resignation following the appointment of a Trustee to represent your interests in any way.  You should get the Trustee to resign in one document in favor of yourself or your spouse or close relative, and in a second document, in favor of another of those parties.  This must be done after the first agreement has been signed, and better if done a few days later.  There is nothing to prevent you from first doing it at the initial closing contemporaneously with the close and then again a few days later.  Keep the resignations in your safe and only use them if you find the need to do so.  Again, an ounce of caution is better than a pound, or perhaps two!, of cure.  This prevents trouble if you ever have a falling out with a Trustee on this or other matters, which is an all too common experience.

 

Trustee Resignation

I, __________________, Trustee of __________________________________ do hereby resign on _______________ (Date) all of my Trustee responsibilities, rights, title, and any other interest whatsoever I may have or had in this trust or trusts.

 

Before resigning, I appoint __________________________________________ (Name and address) as the successor Trustee.

 

In witness thereof, I hereby sign my Resignation as Trustee of the above trust (s).

 

 

________________________

Trustee

 

 

________________________

Notary

 

 

________________________

Witness

Click Here To Download Trustee Resignation

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Trust Declaration, Stocks

by law on February 1, 2012

Trust Declaration, Stocks is provided to inform you about the document in question and assist you in its preparation.  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.

 Suggestions:

  1. 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.
  1. 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:

 

I.          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.

 

2.         The Trustee covenants and agrees that he or she shall at all times, exercise all voting rights in connection with the Shares and otherwise deal with the Shares as nominee for the Beneficiary only and in accordance with the instructions of the Beneficiary.

 

3.         The Trustee shall enter into, execute and deliver as nominee for the Beneficiary only, all such documents, instruments and other agreements as may from time to time be requested by the Beneficiary in connection with the Shares.

 

4.         The Trustee shall, at the request and expense of the Beneficiary, account to the Beneficiary for all sums received with respect to the Shares.

 

5.         The Trustee shall promptly transmit to the Beneficiary all notices, claims, demands or other communications which the Trustee receives relating to the Shares, including notices of shareholder meetings.

 

6.         The Beneficiary hereby releases the Trustee from any and all liability that the Trustee may incur in respect of any action taken by the Trustee either pursuant to the authorization or direction of the Beneficiary or pursuant to the terms of this Declaration of Trust.  The Beneficiary shall indemnify and hold the Trustee harmless from all liabilities of any kind and character that may arise out of any act or omission by the Trustee pursuant to the terms of this Declaration of Trust.

 

7.       This Declaration of Trust shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, successors and assigns.

 

8. Notices.

 

Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party by personal delivery or a recognized over night delivery service such as FedEx.

 

If to the Trustee: _____________________________________________________.

 

If to the Beneficiary: ___________________________________________________.

 

9.  No Waiver.

 

The waiver or failure of either party to exercise in any respect any right provided in this agreement shall not be deemed a waiver of any other right or remedy to which the party may be entitled.

 

10.  Entirety of Agreement.

 

The terms and conditions set forth herein constitute the entire agreement between the parties and supersede any communications or previous agreements with respect to the subject matter of this Agreement.  There are no written or oral understandings directly or indirectly related to this Agreement that are not set forth herein.  No change can be made to this Agreement other than in writing and signed by both parties.

 

11.  Governing Law.

 

This Agreement shall be construed and enforced according to the laws of the State of ____________________ and any dispute under this Agreement must be brought in this venue and no other.

 

12.  Headings in this Agreement

 

The headings in this Agreement are for convenience only, confirm no rights or obligations in either party, and do not alter any terms of this Agreement.

 

13.  Severability.

 

If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.

 

In Witness whereof, the parties have executed this Agreement as of the date first written above.

 

_________________________                                              _______________________

Trustee                                                                                    Beneficiary

 

_________________________                                              _______________________

Witness One                                                                           Witness Two, Preferably a

Notary

_________________________

Witness Three

_________________

Date

Click Here To Download Trust Declaration, Stocks

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Revocation of a Trust

February 1, 2012

Revocation of a Trust is provided to inform you about this document in question and assist you in its preparation.  As with most things, getting out of them is harder than getting into them.  Revoking a trust is no different.  You must be sure the Trustee distributes the assets prior to signing the revocation.  The […]

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Nominee Agreement

February 1, 2012

This review list is provided to inform you about this document in question and assist you in its preparation.  The purpose of this document is to be sure a nominee, or really a “straw” in the vernacular, remains just that.  It is very much in the owner’s interest to do this document even with the […]

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Living Trust

February 1, 2012

Living Trust is provided to inform you about this document in question and assist you in its preparation.  This is a straightforward Living Trust which can be modified as you see fit.  Your first action after setting it up is to transfer assets to it.   Make multiple copies.  Give one to each signatory.  Keep […]

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Letter Requesting Transfer to Trust

February 1, 2012

Letter Requesting Transfer to Trust is provided to inform you about this document in question and assist you in its preparation.  Adapt this letter to fit the circumstances of the various parties you must contact to collect your assets, have them properly transferred to your new trust, and be prepared to follow-up diligently to be […]

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College Education Trust

February 1, 2012

College Education Trust is provided to inform you about this document in question and assist you in its preparation.  This is a standard format for an educational trust.  Add and modify as you see fit.  The trust ends at 25, not 21.  Consider whether you believe this appropriate for your circumstances.  Suggestions: 1.  Make multiple […]

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Charitable Trust

February 1, 2012

Charitable Trust is provided to inform you about this document in question and assist you in its preparation.  This is a standard charitable trust.  Feel free to add or modify it as appropriate.  Suggestions: Make multiple copies.  Give one to each signatory.   Keep one in your home safe.  Put one in your home safe. Charitable […]

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Charitable Remainder Trust

February 1, 2012

Charitable Remainder Trust is provided to inform you about this document in question and assist you in its preparation.  This is a standard charitable remainder trust.  You should add or delete items as appropriate.  Suggestions: Make multiple copies.  Give one to each signatory.  Keep one in your home safe.  Keep one in the related transaction […]

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Bill of Transfer to a Trust

February 1, 2012

Bill of Transfer to a Trust is provided to inform you about this document in question and assist you in its preparation.  Your spouse should sign to eliminate any future contention that he or she had any right, title, or interest in the property transferred.  Suggestions: 1.          Make multiple copies.  Keep copies with all of […]

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