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 its terms that 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 with 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 legally transferred into and 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?
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?
What types of assets can be placed into an irrevocable trust?
What are real estate, vehicles, life insurance, bills, intellectual property, personal property, and other transferable assets?
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 creates 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?
What is proper trust administration?
What is faithfully administering the trust according to its terms while maintaining accurate records and properly managing trust property?
Who is a Secured Party?
Who is the individual or entity claiming a security interest in collateral?
Why is it important to properly title assets into a trust?
What is to establish ownership by the trust and allow administration according to the trust's terms?
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?
Who is the Successor Trustee?
Who is the individual designated to administer the trust
when both the trustee and co-trustee can no longer serve?
Why is proper recordkeeping important in trust administration?
What is to maintain accurate documentation of the trust's activities, assets, and administrative decisions?
What is perfection of a security interest?
What is the legal process of making a security interest effective against third parties?
What are examples of assets that may be owned by an irrevocable trust?
What are real estate, vehicles, life insurance, bills, intellectual property, personal property, and other transferable assets?