Common Law Trust
A common Law trust is essentially any trust not formed by statute. However, the common law trust this course pertains to is the House of Markus Fellowship Common Law Business Trust we offer to members. It is a complex trust with attributes that set it apart from all other types of trusts. This Course is designed to educate members on the fundamentals of this trust from setup to operation. This course is not designed to be an in depth education on trusts or this trust. We believe knowing the fundamentals makes further education operation easier because members will have a general understanding of how the trust is built and operates.
For members seeking to place their Legal NAME and estate into a trust, we suggest this type of trust as it is highly protective and very versatile for doing business.
Definitions:
- Complex Trust - Black's Law Dictionary 7th ed. p. 1515
- Irrevocable Trust - Black's Law Dictionary 7th ed. p. 1516
- Irrevocable Trust - Black's Law Dictionary 7th ed. p. 1516
American Jurisprudence 2d:
Must Read:
Overview - Common Law Trust
[00:00:00]
Welcome to the Common Law Trust Course. The Common Law Trust is a very complex trust. Now, we just say common law, we use that term generally. Because there's many common law trusts. If they're not statutory, they're common law. However, this particular trust that we're teaching about is a Massachusetts trust, or what would be known as a Massachusetts trust.
[00:00:26]
And you can read about those down below in the resources in the library, in American jurisprudence, in business trusts, particularly. A business trust is just what it says. It's for doing business. However, this trust in the way that it's built, its complexity, makes it very protective compared to other business trusts.
[00:00:49]
It does not have centralized management and therefore it cannot be labeled as a corporation, even though it's not, because they will label things as a corporation, even though they're not. And we don't want that. They will label them as certain types of businesses, even though they're not. So we don't want that.
[00:01:06]
We want this to function more like an unincorporated association in and of itself. There's no hierarchy, there's no CEO. And then that's the top dog and everybody below him or her. That's not how this particular trust works. So there's no centralized management. Okay. The trust is very, very complex. It uses TCUs and UBIs, which are certificates of interest.
[00:01:28]
Trust capital units, which are capital interest, and then UBI's, which are units of beneficial interest. That's where most people get lost with this trust. So, we're doing the best we can with this particular course to keep it simple. Just to get the members to really understand what a common law business/Massachusetts trust actually is and why it's complex.
[00:01:54]
And what are the articles and everything that are in these trusts. What’s in it, basically. And our other courses and documents will lay out further what is involved, and all the articles, what the actual articles of the trust are and so on and so forth.
[00:02:14]
We no longer offer this trust for download because we have edited it, we've made it much more sophisticated, and we also, that's not why we don't offer it for download, but we also know that this trust has been stolen. We gave it three or four years of seeing if people were going to be honorable and they're not. We know that this trust is being sold for thousands and thousands of dollars out on the internet and we're just not willing to do that anymore. We are losing value over that, over our work product. So if anyone wants a trust they can send a ticket into the support center. You could even contact us through the forum and any way that we can, we'll help you, but we will give you a quote on it.
[00:03:05]
And what will happen is you will provide the information needed for this trust to set it up. We will set it up, print it, put it in a binder. Make it pretty for you, get it all ready to go for you and your trustees and everybody else to sign, and then we will ship it out to you. But we're no longer offering this as a downloadable document, just because we have to protect our interests.
[00:03:29]
So we hope you can appreciate that. We appreciate you, and we thank you for inquiring, and we'll help you as best we can.
Lessons
Lesson 1 explains the basics concepts of the Common Law Trust that make it complex.
Lesson 2 discusses what is needed to setup this trust. There are both physical necessities as well as nuances that need attention.
This lesson discuses the banking setup of this trust.
Lesson 4 explains the Units of Beneficial Interest and the Trust Capital Units. This is the most important piece to this type of trust and MUST be understood to effectively operate this trust.
Lesson 5 briefly and generally explains all the documents included in this trust. It also briefly explains board of trustee meetings and doing business with the trust.