Trusts
Members will learn the fundamentals of trust structure, including key roles, types of trusts, and their purpose in separating material and spiritual priorities. The course covers practical aspects such as setting up, funding, and operating a trust. Other topics include introducing complex trusts, understanding revocable versus irrevocable trusts, and utilizing trusts for asset protection, estate planning, and charitable purposes.
General Trust Study:
Definitions:
- Common Law Trust - Black's Law Dictionary 7th ed. p.1515
- Complex Trust - Black's Law Dictionary 7th ed. p. 1515
- Irrevocable Trust - Black's Law Dictionary 7th ed. p. 1516
- Revocable Trust - Black's Law Dictionary 7th ed. p. 1517
- Trust - Black's Law Dictionary 7th ed. p. 1513
Overview - Trust
[00:00:00]
All right, welcome to the Trust Course. This course is designed to give members the basics of trusts so that they can feel like they really understand what a trust is and how it's put together. So we can take all the mystery out. I remember when I first heard about trusts, when I was in the construction industry, the home, new home and remodeling construction, I would hear about trusts because clients or customers would have trusts.
[00:00:37]
But I didn't deal with the trusts or anything. I had no idea what they were. So it was kind of like Bigfoot. You always heard about it, but you never saw it. And even to this day, nobody's going to reveal their trust, whether they're statutory or private. So we want to demystify that with some of the basics here.
[00:00:53]
And the whole point of this is because we want to get our members to understand the more complex trusts at some point to get into the Common Law Trust. The Common Law, I'm going to say Business Trust, the Massachusetts Trust. And if you go into the library and you read Business Trusts, you can pull it up, American Jurisprudence Business Trusts.
[00:01:15]
It's also linked here in the lessons and here in the course. Massachusetts Trust is for doing business. And then you can also go into the library and read about trusts. That's also linked in American Jurisprudence and Gilbert Law Summaries. Everything is linked here in the resources down below. You can click on those and read those and any videos that relate. Watch them.
[00:01:38]
We really want you to get a good grasp of trust and how they operate so you can begin to protect your property, including your legal name, including your children's legal names, including their estates and everything attached to those legal names and those identities. That's where we want our members to get to, because to me, that's the ultimate protection from my experience that I've seen all these years.
Lessons
In this lesson, we explore the foundational concept of trusts.
In this lesson, we delve into various key concepts applicable to all trusts as well as specific trusts.
Lesson 3 discusses some of the basic benefits of using a trust
This lesson discusses the basic framework of a trust and what it takes to create one.
This lesson discusses the various aspects of trust banking including why accounting and bookkeeping is necessary as well as what to expect opening a trust bank account.
Funding the trust is not necessarily what one may think of as 'funding'. This lesson discusses trust funding so members understand the concept a little more.
Lesson 7 discusses the basics of revocable trusts to help members better understand their purpose and use.
Lesson 8 discusses irrevocable trust aspects to help members better understand their purpose and use.
Lesson 9 discusses Bookkeeping & Accounting in further detail to help members understand their difference and their roles in trust administration.