Meet Your Strawman
What is the legal entity or legal fiction created for administrative and commercial purposes?
What is a Strawman?
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 an Irrevocable Trust?
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 Minutes Form?
What is a public notice filed to indicate a claimed security interest in collateral?
What is a UCC-1 Financing Statement?
What is something of value that has the potential to produce income or increase wealth?
What is an asset?
What is the legal name commonly used to identify the Strawman in government and commercial records?
What is the ALL CAPS NAME?
Who is the individual responsible for administering the trust according to its terms?
Who is the Trustee?
What are the assets that have been legally transferred into and are owned by the trust?
What is Trust Property?
What is a filing used to continue, amend, assign, or terminate a UCC Financing Statement?
What is a UCC-3 Amendment?
What is an Employer Identification Number issued to a qualifying entity, such as a trust, for tax administration and identification purposes?
What is a tax free EIN?
What is an entity recognized by law that is treated as a legal person but is not a natural person?
What is a legal fiction?
Who is the person appointed to serve alongside the trustee in administering the trust?
Who is the Co-Trustee?
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 property pledged to secure an obligation or interest?
What is collateral?
What is an asset has the potential to create value, while a liability represents an obligation or debt?
What is the difference between an asset and a liability?
What document is commonly associated with the Strawman?
What is the Birth Certificate?
Who is the individual or entity designated to receive benefits from the trust according to its terms?
Who is the Beneficiary?
What is to communicate the grantor's guidance and intentions regarding the administration of the trust and its assets?
What is the purpose of a Letter of Wishes?
Who is the individual or entity claiming a security interest in collateral?
Who is a Secured Party?
What are real estate, businesses, bank accounts, investments, intellectual property, vehicles, life insurance, and other transferable property?
What types of assets can be owned by a trust?
What is the distinction between public governmental or commercial matters and private affairs or relationships?
What is the difference between the public and the private?
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 faithfully administering the trust according to its terms while maintaining accurate records and properly managing trust property?
What is proper trust administration?
What is the legal process of making a security interest effective against third parties?
What is perfection of a security interest?
What is to establish ownership by the trust and allow the assets to be administered according to the trust's terms?
Why is it important to properly title assets into a trust?