Weiss’s Concise Trustee Handbook on Express Trusts

Weiss's Concise Trustee Handbook on Express Trusts

Weiss's Concise Trustee Handbook provides a comprehensive guide to the administration of Express Trusts under common law. It outlines the roles and responsibilities of trustees, the legal framework governing trusts, and practical steps for effective trust management. This handbook is essential for individuals seeking to understand the intricacies of Express Trusts, including their benefits and legal protections. It serves as a valuable resource for both novice and experienced trustees, offering insights into best practices and common pitfalls. The content is tailored for legal professionals, trust administrators, and anyone interested in the effective management of trust affairs.

Key Points

  • Covers the roles and responsibilities of trustees in managing Express Trusts
  • Explains the legal framework and protections available under common law
  • Provides practical steps for effective trust administration
  • Includes sample forms and agreements for trust management
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  • Marrtin Macias jr
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WEISS’S CONCISE TRUSTEE HANDBOOK
1
WEISS’S
CONCISE TRUSTEE
HANDBOOK
________
A GUIDE TO THE ADMINISTRATION
OF AN EXPRESS TRUST UNDER THE
COMMON LAW,
FUNCTIONING UNDER THE
GENERAL LAW-MERCHANT
WEISS’S CONCISE TRUSTEE HANDBOOK
2
WEISS’S CONCISE TRUSTEE HANDBOOK
A Guide to the Administration of an
Express Trust under the
Common Law,
Functioning under the
General Law-Merchant
Copyright© 2005-8 by NACRS
All Rights Reserved.
For private educational use only. This book is published with the understanding that the author
and publisher, jointly and severally, are not engaged in rendering legal, accounting, or other
professional advice. All decisions made based on the material in this book are ultimately done
at the discretion of the reader. Author and publisher, jointly and severally, assume no liability
whatever.
WEISS’S CONCISE TRUSTEE HANDBOOK
1
CONTENTS
INTRODUCTION
THIS HANDBOOK is about the administration of Express Trusts created under the original
American common law and functioning within the unique system of commerce in the
American states, i.e., the general law merchant,
1
as it stands in twenty-first century America.
The material presented herein has been reduced from various sources which the
reader is encouraged to examine for his own knowledge and further understanding.
The
material herein has been rendered into a concise handbook format, intended to allow
the reader to refer to each section for guidance on decisions regarding the most
pertinent aspects of the administration of an Express Trust. So, only secondary
attention has been given to all other matters.
All in all, the author’s objective by this handbook is to devise a simple guide, with
clearly outlined methods and sample forms, for the effective handling of affairs of
Express Trusts, while also showing the many options for growth and prosperity, and
profound protections afforded by Express Trusts when created and administered
properly. This book is written in a somewhat unconventional manner in order to
accommodate this objective.
If the reader should find, after examining the sources, that this book has failed in
its objective, then let it be attributed to a fault of the author, not to any supposed
faultiness of the sources or the Express Trust itself. It will be admitted by all honest and
learned
2
lawyers (as it once was when a lawyer, by definition, was “learned in the law”
3
)
1
The general law merchant is embraced under general common law, i.e., the original and unique system of
commercial law in the American states, in which there is no commerce regulation of Express Trusts accept in
connection with income derived from corporate stock and physical franchises under art. I, § 8, cl. 1 and 3 of the
Constitution. See William A. Fletcher, T
HE GENERAL COMMON LAW AND SECTION 34 OF THE JUDICIARY ACT
OF
1789: THE EXAMPLE OF MARINE INSURANCE, 97 Harv. L. Rev. 1513, 1514 (1984).
2
It was the strongly held belief of U.S. Supreme Court Chief Justice Warren E. Burger that seventy-five to
ninety percent of all trial lawyers are either incompetent, dishonest, or both. See 102 REPORTS OF THE
AMERICAN BAR ASSOCIATION, 205-206 (1978)
INTRODUCTION Page 1
TRUST BASICS Page 2
EXPRESS TRUSTS UNDER THE COMMOND LAW Page 2
DECLARATION OF THE EXPRESS TRUST Page 4
THE TRUST CORPUS Page 6
CERTIFICATES Page 8
TRUSTEE BASICS Page 10
POWERS & DUTIES OF THE TRUSTEE Page 11
PRIVILEGES & LIABILITIES OF THE TRUSTEE Page 13
AUTHORIZED REPRESENTATIVES Page 16
EXPRESS TRUST vs. CORPORATION Page 17
UNDERSTANDING COMMERCE Page 21
DOING BUSINESS Page 24
LIMITING LIABILITY & RISK Page 26
BANKING Page 27
TRANSFERRING ASSETS Page 29
ISSUING CERTIFICATES & BONDS Page 32
KEEPING MINUTES Page 34
PREVAILING IN LEGAL AFFAIRS Page 34
MAINTAINING PROPER I.R.S. RELATIONS Page 41
CONCLUSION Page 43
SAMPLE FORMS Page 45
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End of Document
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FAQs of Weiss’s Concise Trustee Handbook on Express Trusts

What are the key responsibilities of a trustee in an Express Trust?
The trustee of an Express Trust is responsible for managing the trust assets in accordance with the trust document and applicable laws. This includes making investment decisions, maintaining accurate records, and ensuring that distributions to beneficiaries are made according to the terms of the trust. The trustee must act in the best interests of the beneficiaries and exercise a high standard of care in all dealings. Additionally, the trustee is required to keep detailed minutes of meetings and decisions made regarding the trust.
How does an Express Trust differ from a corporation?
An Express Trust is governed by common law and operates under the principles of equity, while corporations are created under statutory law and are subject to state regulations. Trustees have broader powers and responsibilities compared to corporate officers, allowing them to act with greater flexibility in managing trust assets. Unlike corporations, Express Trusts do not require formal registration or compliance with corporate governance rules, which can provide significant advantages in terms of privacy and liability.
What are the benefits of using an Express Trust?
Express Trusts offer several benefits, including asset protection, privacy, and flexibility in management. They allow individuals to maintain control over their assets while enjoying limited liability, as the trust itself is a separate legal entity. Additionally, Express Trusts can facilitate estate planning and wealth transfer, ensuring that assets are distributed according to the grantor's wishes without the complications of probate. The handbook outlines these advantages in detail, providing a roadmap for effective trust administration.
What types of assets can be held in an Express Trust?
An Express Trust can hold a wide variety of assets, including real estate, personal property, financial accounts, and business interests. The trust corpus, or body of the trust, is defined by the assets transferred into it by the settlor. The handbook emphasizes the importance of careful asset selection and management to ensure the trust's objectives are met and that the assets are protected from potential liabilities.
What is the process for transferring assets into an Express Trust?
Transferring assets into an Express Trust can be accomplished through various means, including purchase, exchange, or assignment. The trustee must ensure that the transfer is properly documented and that all necessary legal requirements are met to avoid any potential disputes. The handbook provides detailed guidelines on how to execute these transfers effectively, ensuring that the trust's integrity is maintained and that the assets are secure.

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