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I am creating a living trust using WillMaker Plus, and I have a =
couple of questions that their literature does not address. Among my =
titled property is a patent, a home, and 2 cars. I would like to =
specify the patent rights as titled property in the trust, but drag my =
feet when it comes to assigning the patent rights to the trust. I would =
transfer title to my home and one car, but also drag my feet in =
transferring the title to my other car.
I only have one invention, but I have patents in Europe as well as =
the US. In my living trust, I identified the patent property as "All =
patents issued under the name of..." because I may get a Japanese patent =
on the same invention and I don't want to keep amending the living =
trust. The invention may never sell and therefore never have enough =
value to justify the cost and hassle of making the assignments of =
rights. Once the invention begins to sell, I would assign all the =
patent rights. =20
In the case of the two cars, the living trust identifies my car and =
my wife's car as "The car normally driven by xxx at the time of =
distribution". It will be well known at the time of distribution which =
car is which, and I don't believe anyone would contest it. Identifying =
the cars in this way should allow me to avoid changing the living trust =
when we trade in our cars for new ones. My wife's car is in good shape, =
but mine will have to be replaced soon. Therefore, I would like to not =
transfer the title of my car and wait until I replace the car -- at =
which time I will assign the title of the new car to the trust.
If I die without assigning the patent rights or the title to the =
car, will the living trust still be enforceable with regard to my home =
and my wife's car? =20
Does this approach sound rational?
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<DIV><FONT face=3DArial size=3D2> I am creating a =
living trust=20
using WillMaker Plus, and I have a couple of questions that their =
literature=20
does not address. Among my titled property is a patent, a home, =
and 2=20
cars. I would like to specify the patent rights as titled property =
in the=20
trust, but drag my feet when it comes to assigning the patent rights to =
the=20
trust. I would transfer title to my home and one car, but also =
drag my=20
feet in transferring the title to my other car.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2> I only have one =
invention, but I=20
have patents in Europe as well as the US. In my living trust,=20
I identified the patent property as "All patents issued under the =
name=20
of..." because I may get a Japanese patent on the same =
invention and I=20
don't want to keep amending the living trust. =
The invention may=20
never sell and therefore never have enough value to justify the cost and =
hassle=20
of making the assignments of rights. Once the invention begins to =
sell, I=20
would assign all the patent rights. </FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2> In the case of the =
two cars, the=20
living trust identifies my car and my wife's car as "The car normally =
driven by=20
xxx at the time of distribution". It will be well known at the =
time of=20
distribution which car is which, and I don't believe anyone =
would=20
contest it. Identifying the cars in this way should allow me to =
avoid=20
changing the living trust when we trade in our cars for new ones. =
My=20
wife's car is in good shape, but mine will have to be replaced =
soon. =20
Therefore, I would like to not transfer the title of my car and wait =
until I=20
replace the car -- at which time I will assign the title of the new car =
to the=20
trust.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2> If I die without =
assigning the=20
patent rights or the title to the car, will the living trust still be=20
enforceable with regard to my home and my wife's car? =20
</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2> Does this approach =
sound=20
rational?</FONT> </DIV></BODY></HTML>
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Gary Burton wrote:
I'm not a a lawyer -- but neither, necessarily, is the
creator of WillMaker Plus.
I am creating a living trust using WillMaker Plus, and I have a
couple of questions that their literature does not address. Among my
titled property is a patent, a home, and 2 cars. I would like to
specify the patent rights as titled property in the trust, but drag my
feet when it comes to assigning the patent rights to the trust. I
would transfer title to my home and one car, but also drag my feet in
transferring the title to my other car.
I only have one invention, but I have patents in Europe as well as
the US. In my living trust, I identified the patent property as "All
patents issued under the name of..." because I may get a Japanese
patent on the same invention and I don't want to keep amending the
living trust.
I don't consider that adequate. Property has to be actually
TRANSFERRED to the trust, rather than just named in the
will or trust document. To be transferred, it has to be
identifiable, and actually identified in a document
authorizing the transfer.
....
In the case of the two cars, the living trust identifies my car
and my wife's car as "The car normally driven by xxx at the time of
distribution".
Ditto.
....
If I die without assigning the patent rights or the title to the
car, will the living trust still be enforceable with regard to my home
and my wife's car?
Probably not.
Does this approach sound rational?
No.
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"Gary Burton" <gbNOSPAM@pvbb.net> wrote in message news:40516ba3@wobble...
I am creating a living trust using WillMaker Plus, and I have a couple
of questions that their literature does not address. Among my titled
property is a patent, a home, and 2 cars. I would like to specify the
patent rights as titled property in the trust, but drag my feet when it
comes to assigning the patent rights to the trust. I would transfer title
to my home and one car, but also drag my feet in transferring the title to
my other car.
I only have one invention, but I have patents in Europe as well as the
US. In my living trust, I identified the patent property as "All patents
issued under the name of..." because I may get a Japanese patent on the same
invention and I don't want to keep amending the living trust. The invention
may never sell and therefore never have enough value to justify the cost and
hassle of making the assignments of rights. Once the invention begins to
sell, I would assign all the patent rights.
In the case of the two cars, the living trust identifies my car and my
wife's car as "The car normally driven by xxx at the time of distribution".
It will be well known at the time of distribution which car is which, and I
don't believe anyone would contest it. Identifying the cars in this way
should allow me to avoid changing the living trust when we trade in our cars
for new ones. My wife's car is in good shape, but mine will have to be
replaced soon. Therefore, I would like to not transfer the title of my car
and wait until I replace the car -- at which time I will assign the title of
the new car to the trust.
If I die without assigning the patent rights or the title to the car,
will the living trust still be enforceable with regard to my home and my
wife's car?
Does this approach sound rational?
Rational, but not good enough. Property that is actually owned by the trust
is transferred to the beneficiary when the trust is ready for distribution,
in this case on your death. Property not owned by the trust doesn't
transfer. Instead, that property would go through probate. Your plan
treats the trust like a will, in which all you have to do is identify the
property and state your intentions. Trusts are different. You need to
actually transfer the property so that the trustee owns the property. In
the case of a car, that means endorse the pink slip to the trustee, go to,
or send the title to, the DMV as trustee and get the title transferred into
your name as trustee. In the case of a patent, you do it with an
assignment. But it has to be an actual transfer of ownership. You can
delay as long as you want, but be careful not to die before doing the
transfers.
Oh, your other question. Yes, if the trust is valid and the house was
properly transferred to it, the trust will be effective as to the house
regardless of what other property has not been properly transferred.
McGyver
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Thank you for your thorough response. Your answers about my being able
to delay assignment and the enforceability regarding the house are very
useful. Please, however, indulge me one more time. I don't think my first
posting was clear enough in one respect:
I am trying to avoid amending my trust frequently to match minor changes
in my situation. That's why I would leave the descriptions of the cars and
the patents vague. The intent is that the vague description becomes
clarified when (and if) the title is actually assigned to the trust. In the
case of my car, that would happen when I buy a new car. In the case the
patents, it may never happen. If I do decide to assign the patents to my
trust, It will be obvious at that time exactly which patents I am talking
about since they will be the only patents assigned to the trust. In either
case, I would eventually transfer the ownership to the trust; but I would
not have to amend the trust when I do.
Does this sound like a workable strategy?
"Gary Burton" <gbNOSPAM@pvbb.net> wrote in message news:40516ba3@wobble...
I am creating a living trust using WillMaker Plus, and I have a couple
of questions that their literature does not address. Among my titled
property is a patent, a home, and 2 cars. I would like to specify the
patent rights as titled property in the trust, but drag my feet when it
comes to assigning the patent rights to the trust. I would transfer title
to my home and one car, but also drag my feet in transferring the title to
my other car.
I only have one invention, but I have patents in Europe as well as the
US. In my living trust, I identified the patent property as "All patents
issued under the name of..." because I may get a Japanese patent on the
same
invention and I don't want to keep amending the living trust. The
invention
may never sell and therefore never have enough value to justify the cost
and
hassle of making the assignments of rights. Once the invention begins to
sell, I would assign all the patent rights.
In the case of the two cars, the living trust identifies my car and my
wife's car as "The car normally driven by xxx at the time of
distribution".
It will be well known at the time of distribution which car is which, and
I
don't believe anyone would contest it. Identifying the cars in this way
should allow me to avoid changing the living trust when we trade in our
cars
for new ones. My wife's car is in good shape, but mine will have to be
replaced soon. Therefore, I would like to not transfer the title of my
car
and wait until I replace the car -- at which time I will assign the title
of
the new car to the trust.
If I die without assigning the patent rights or the title to the car,
will the living trust still be enforceable with regard to my home and my
wife's car?
Does this approach sound rational?
Rational, but not good enough. Property that is actually owned by the
trust
is transferred to the beneficiary when the trust is ready for
distribution,
in this case on your death. Property not owned by the trust doesn't
transfer. Instead, that property would go through probate. Your plan
treats the trust like a will, in which all you have to do is identify the
property and state your intentions. Trusts are different. You need to
actually transfer the property so that the trustee owns the property. In
the case of a car, that means endorse the pink slip to the trustee, go to,
or send the title to, the DMV as trustee and get the title transferred
into
your name as trustee. In the case of a patent, you do it with an
assignment. But it has to be an actual transfer of ownership. You can
delay as long as you want, but be careful not to die before doing the
transfers.
Oh, your other question. Yes, if the trust is valid and the house was
properly transferred to it, the trust will be effective as to the house
regardless of what other property has not been properly transferred.
McGyver
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Thank you for your thorough response. Your answers about my
being able
to delay assignment and the enforceability regarding the house
are very
useful. Please, however, indulge me one more time. I don't
think my first
posting was clear enough in one respect:
I am trying to avoid amending my trust frequently to match
minor changes
in my situation. That's why I would leave the descriptions of
the cars and
the patents vague. The intent is that the vague description
becomes
clarified when (and if) the title is actually assigned to the
trust. In the
case of my car, that would happen when I buy a new car. In the
case the
patents, it may never happen. If I do decide to assign the
patents to my
trust, It will be obvious at that time exactly which patents I
am talking
about since they will be the only patents assigned to the trust.
In either
case, I would eventually transfer the ownership to the trust;
but I would
not have to amend the trust when I do.
Does this sound like a workable strategy?
It's not necessary to amend the trust every time you add property
to it. If the trust is properly drafted in the first place, it
will have a list of initial property and will have language
permitting the trustee to take title to additional stuff later
without amended the trust. I assume you are the trustee. You
simply transfer things to your name as trustee, using the proper
wording on the title. Depending on state law, the title might be
transferred to: "Gary Burton as Trustee of the Gary Burton
revocable trust dated March 13, 2004." When you die, the trust
will own the things that were originally named in the trust, minus
the things that were removed, plus everything that was added along
the way, regardless of whether the trust was amended to change the
list.
Your plan about including descriptions of the assets instead of
transferring title, is a good way to alert the successor trustee
about what property was added. But there are better ways. You
can simply make a list of assets, then change the list every time
something is added or subtracted, and keep a copy of the list in
the same envelope or binder as the trust document. You can keep
another copy of the list somewhere else. I have a loose-leaf
binder containing the trust, the list of assets, bills of sale,
title documents, plus insurance policy information, pension plan
claims information, brokers' names and addresses, locations of
various things and a bunch of instructions on various subjects.
Finally, there is an envelope in a place where it is sure to be
found quickly, addressed to my wife and containing a note
describing where to find the binder.
McGyver
same
invention
and
distribution".
I
cars
car
of
trust
distribution,
into
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