Is The Trust Indenture Subject To The Laws In The Grantor or Trustee's State

Is The Trust Indenture Subject To The Laws In The Grantor or Trustee's State

It is customary for the indenture to have its situs (e.g. location) in the grantor's state and thus be subject to those state laws; however, the trust is a private contract and thus the situs may be placed anywhere deemed worthy for reasons of privacy, less frequent reporting, state trust laws and more. Do note that a (very) few banks will require the trustee to be in the state of the situs to open a bank account - it is best to avoid these types of banks.
    • Related Articles

    • Can Someone Be Grantor/Creator + Trustee + Beneficiary

      No. A contract between only (1) party is invalid, contracts require (2) or more parties to be considered valid. One can be Grantor and a/the Beneficiary. There is no conflict of interest being Grantor & Beneficiary because Beneficiary cannot ...
    • Can ​The Irrevocable Trust Indenture Be Modified

      Yes, this is known as consent modification. 1) Get authorization from the grantor/creator + all beneficiaries + all trustees to make any and all changes to the trust indenture. When a minor or unborn person is a beneficiary, consent on the ...
    • Who Will Get The EIN For The Trust (Grantor or Trustee)

      Typically the trustee will get the EIN, but either the grantor OR the trustee may do so. Whoever is chosen will need to input their Social Security Number, address and contact information. This will not bring the trust into the IRS' jurisdiction, but ...
    • Lawful Money Is Not Positive Law - Is That A Problem

      No. One must first understand the definition of "positive law" to realize what is occurring in such a proclamation. "Within the context of the US Code, positive law is used in a more limited way. According to the Office of Law Revision Counsel (US ...
    • Can Anyone Trust The Grantor / Friend / Neighbor - What If They Try To Steal The Trust's Assets

      If a grantor/friend/neighbor tries to make a grab for a trust's assets - do not worry. A trust means the grantor must lose ownership AND control. Finally, what will a grantor care about signing a piece of paper granting a grain of sand to The Board ...