Meet Your Strawman
What is a Strawman?
What is the legal entity or legal fiction created for administrative and commercial purposes?
What is an Irrevocable Trust?
What is a private entity established to own and administer assets
according to the terms of the trust that, once created, cannot be revoked?
What is a Minutes Form?
What is a document used to record and authorize editing or
administrative changes to an irrevocable trust that were previously decided by the trustee?
What is a UCC-1 Financing Statement?
What is a public notice filed to indicate a claimed security interest in
collateral?
What is an asset?
What is something of value that has the potential to produce income or increase wealth?
What is the ALL CAPS NAME?
What is the legal name commonly used to identify the Strawman in government and commercial records?
Who is the Trustee?
Who is the individual responsible for administering the trust
according to its terms?
What is Trust Property?
What are the assets that have been legally transferred into and are
owned by the trust?
What is a UCC-3 Amendment?
What is a filing used to continue, amend, assign, or terminate a
UCC Financing Statement?
What is a tax free EIN?
What is an Employer Identification Number issued to a qualifying
entity, such as a trust, for tax administration and identification purposes?
What is a legal fiction?
What is an entity recognized by law that is treated as a legal person
but is not a natural person?
Who is the Co-Trustee?
Who is the person appointed to serve alongside the trustee in
administering the trust?
What is a written document in which the grantor provides guidance
and expresses personal wishes regarding the administration of the trust and its assets?
What is a Letter of Wishes?
What is collateral?
What is property pledged to secure an obligation or interest?
What is the difference between an asset and a liability?
What is an asset has the potential to create value, while a liability
represents an obligation or debt?
What document is commonly associated with the Strawman?
What is the Birth Certificate?
Who is the Beneficiary?
Who is the individual or entity designated to receive benefits from
the trust according to its terms?
What is the purpose of a Letter of Wishes?
What is to communicate the grantor's guidance and intentions
regarding the administration of the trust and its assets?
Who is a Secured Party?
Who is the individual or entity claiming a security interest in
collateral?
What types of assets can be owned by a trust?
What are real estate, businesses, bank accounts, investments,
intellectual property, vehicles, life insurance, and other transferable property?
What is the difference between the public and the private?
What is the distinction between public governmental or commercial
matters and private affairs or relationships?
This individual is designated in the trust to assume responsibility for administering the
trust when both the trustee and the co-trustee are no longer able to serve.
Who is the Successor Trustee?
What is proper trust administration?
What is faithfully administering the trust according to its terms while
maintaining accurate records and properly managing trust property?
What is perfection of a security interest?
What is the legal process of making a security interest effective
against third parties?
Why is it important to properly title assets into a trust?
What is to establish ownership by the trust and allow the assets to be administered according to the trust's terms?