0:02
OK, this is what I'm gonna call Volume five and this whole series.
0:05
Maybe it's three numbered, I don't know by now, but when I'm recording this kid's volume five, it's following the volume where I'm talking about what you do in a situation where someone files a petition for divorce or separation or involves the court in some way.
0:19
Well, there's no post nuptial or pre-nuptial agreement, now some of those aspects can be used here. So you can enter into a post, an actual agreement at anytime, even during a divorce.
0:30
So I'll do another video on that, but what I wanted to share with you here is that this is another aspect of the post nuptial Agreement.
0:37
Again, it can be pre-nuptial and so what I've done is in addition to the actual trusted exist, under the law, the husband law, the father, I don't talk about that too much in the Post National Agreement.
0:51
It's not really necessary. It is a good understanding, but what I really want to explain here is that I've taken the chattels from the mayoral community, the marital estate, the marital assets. I've taken the chattels, all those little things that would be, you know, debated during a divorce.
1:09
And what I'm, what I'm doing is I'm settling the matter, now, and it's seamless. It doesn't disrupt the relationship.
1:16
It's pretty easy to accept, in my opinion.
1:21
So, chattels are things that look property things that don't have titles.
1:27
Like, for example, furniture in the household, appliances, electronics, fixture's. No pictures hanging on the wall, the wall sconces things of that nature.
1:41
The lawnmower OK, these are chattels and when they're used in the marital arrangement, marital community, in the household, these may be things that are subject to divvying up, if you will.
1:54
So what I want to do is remove them all of them by a simple declaration of trust and say, Here's how this works.
2:01
The the chattels of the property that makes your life easier Gives you the comforts of home.
2:10
If you remove those from the marital State and you place them in trust, it's almost like an estate plan.
2:16
Well, it's kinda like it's an estate plan where you avoid probate of an important piece of property.
2:23
Let's say, for example, your house by conveying the title of the house to a trust, right, or to a company of some kind, and so, that property then is not subject to probate if the person dies, right?
2:37
This is a similar matter.
2:39
So, if I declare the existence of a trust regarding the chattels in the household, then those chattels, and I could speak generally, anything that's considered a fixture, or an appliance or an electronic inside the house.
2:56
Is going to be outside of the purview of any arbitrator, assuming we even go to a third party arbitrary, I'm just saying, you want to control as many property rights as possible as a matter of record, and the great a great way to do it. There's probably other ways, but this is my recommendation is in the Post National Agreement, you declare the existence of a trust that covers all the chattels in the household.
3:18
So I'm going to share with you this list of things that are in the trust. Now understand that a trust is, Let me give an example. Let's say I'm going on vacation and I'm leaving tomorrow. And I have a dog.
3:28
Little puppy needs care.
3:30
I'm not going to be here. I don T not taking them to a vet clinic or whatever.
3:34
I don't want to do that, but my neighbor and I are really good friends.
3:37
so I'm gonna go over there the night before, know, and knock on the door and ask if he'd be willing to watch my dog which he's done before. So he'll do it, no problem.
3:47
So I give him the dog.
3:50
So I am the grantor by doing so.
3:54
He's the grantee, or actually what's happening is I'm the grantor of a trust relationship.
4:00
My neighbor becomes the trustee of the property, the property is the dock, OK.
4:05
The beneficiary would be the dog, he's going to benefit from the care of the trustee, so the property is conveyed to the trust.
4:13
The trustee is the owner of the property, but not individually.
4:18
OK, so, let's say his name is Jim Smith, and I convey the dog to him as Trustee.
4:24
So it's Jim Smith as Trustee, who now owns that dog for the period of time. You know, like, a week, I'm going to be gone for a week. So when I come back, the trust collapses, because he returns the property seen.
4:37
So he's the owner, not as Jim Smith, but he's the owner of my dog, as Trustee for the benefit of the Dog.
4:42
Just turns out to be, it could be for the benefit of the dog and my two children who adore the dog and play with them all the time, you know, so he's going to care for that property for the benefit of my children, For example, for temporary period of time.
4:56
So in a trust, you have to identify the roles of who's going to be the steward or custodian of the property. That's the trustee, who's gonna contribute the property. That's the Grand tour or the Trust Store, OK, or the settler, sometimes called the settler, whoever contributes the property to the trust is the Trust store grant or settler. And then, the trustee, I mean, the grantor can't be the trustee. But, in some cases, he's not now, in this case.
5:22
I'm just going to say that the husband or the father or both is going to be the granter and also the trustee of the chattels.
5:32
So that means the channels are not his, but they're conveyed for the benefit of beneficiaries. Meaning, his family members, Maybe himself too, I mean, it's still, it's a trust relationship, OK? So let's just say it's for the benefit of his wife and children, OK?
5:45
So, let me just do a shared screen. It's a simple list. Nothing complicated here. I just want to show you if you've never really examined a trust before, I just want you to see the different elements of a trust. You can find these, I mean, you can go get a trust document on the internet. It's not complicated. You don't need to spend thousands of dollars for this. In fact, you could just simply you take my description of what a trust is.
6:04
And you can scribble out the arrangement yourself, like, for example, where I give the my pet over to my neighbor for a short term, I could just say, as the owner of this dog, you know, whatever his name is.
6:20
I'm gonna leave it with my neighbor for seven days, for the benefit of the dogs himself, and also my children.
6:27
Then, when I returned from vacation Is, going to give it back to me at which point, you know, the trust collapses? And I can actually write down on a piece of paper, and that is a trust document. That is a declaration of trust, OK. It doesn't need to be some fancy language.
6:38
You don't need to know, spend hundreds or thousands of dollars, So, I just want to let you know, It's that simple, OK, the nice thing that, well, what we want to do, is that we want to have something in writing.
6:51
Just like I just described, you can have a trust that's not in writing, but it's nice to have in writing. Because what you're trying to do is document how all matters are.
6:58
set as many matters as possible are settled and you're gonna find out in my other videos, I'm explaining, um, that the other important matters that would come up during a divorce or whatever, separation deal. Those can be subtle, as well. This is just one of them.
7:15
Has to do with all the, you know, the incidentals of the marital home. All right.
7:20
So we have definitions about terms we're going to use.
7:24
I'm not going to go into the trust.
7:25
I'm just going to show you what aspects of the trust constitute a more or less a formal trust, OK.
7:31
This is really quite comprehensive.
7:33
So, creation and funding of the trust so you can just declare that trust is hereby formed whereby the trust store contributes one thousand dollars in the formation of the trust. Right? It's, this is a statement in a document somewhere, it's in sequence.
7:50
We describe what assets are being conveyed so we can describe, generally, we can list as many as possible. We could say the toaster oven, you know, the fixtures on the wall, the furniture and all this stuff. In fact, we can even make pictures of these things.
8:03
Which is probably a good idea if you really want to be thorough, because having photographic documentation of the things in your house allows you to easily get insurance too, right.
8:11
It makes it easier to make an insurance claim. But it also makes it easy to document what you have. If it's that valuable. I mean, maybe antique furniture, right? But the rest of it you don't care about.
8:20
and that would be the way to describe the property of the chattels in the trust.
8:27
Um, the application of money, like who's going to spend what money, for, what purpose, what are the limitations?
8:33
If there's any prior encumbrances claims on the property, like for example, let's say you're leasing furniture, rent to own type of deal.
8:41
That has to be included with your description of the property.
8:44
So, while you have possession of it, it's yours, it's in the trust, but then the trust somewhat becomes the debtor, if you will, right? And the lease to own deal. It's almost like you're assigning the contract. Now, it doesn't affect the lesser doesn't affect the company, The leasing of the furniture doesn't concern them. It's just about what you're doing with the property, OK?
9:02
Then, of course, there is always this provision where the trustee is going to get compensation.
9:07
This is not something you care about because, you know, of the nature of the trust, OK?
9:12
And then who's who's the trustee accountable to, well, the beneficiary's, right? I would think so. If you want to make it that formal, I don't hardly ever do something like that. I don't know that it's necessary. I mean, I think pretty much everyone in the family, the household, the cares. The wife, for example, is going to have to have The are going to have the information that she needs already. It's not that complicated, right? And there's a point where the trust is terminated, I don't know that that's necessary.
9:38
I mean, unless you actually go through with a divorce and somehow that comes to fruition, no.
9:45
Maybe you would specify the terms about how the property will be divided, and again, this is done inside the trust.
9:54
This is important, Section eight, because, if this has already decided, like, for example, let's say, the wife does leave.
10:01
And she had brought to the marriage and some heirloom furniture, Let's just say some antiques from her family.
10:08
Um, the termination of the trust would include her, taking that with her.
10:15
Then, if there's any notice requirements, it doesn't have to be that formal, but trusts have that, you could just have a waiver in there about notice requirements, kinda silly. What about waivers and amendments? We don't we could talk about amending it.
10:28
I mean, and what waivers, like, for example, a waiver might be something like, all part of the beneficiaries wave notice, or something, It's not that, not that important, like I said.
10:40
This course is gonna give you the trust, I'm gonna, I'm gonna give it to you, I'm gonna give you an example. Trust, OK? You can get your own.
10:47
It's not complicated, there's always a severability clause in a contract that protects the integrity of the entire contract so that way.
10:56
again, anytime you have something in writing a contract and writing your you're doing so for the purpose of having a third party, scrutinize it, and apply the rights and obligations in the contract.
11:10
So, severability has to do with someone trying to invalidate the contract and not destroy the entire contract if one provision is not valid.
11:19
So it protects the integrity of the contract.
11:21
And, yeah, you should have a severability clause, But understand that what, when I'm talking about here, in this entire series, is that you want to be administering the affairs of your family, whether or not there's a divorce or separation proceeding, OK? You want to have control over that.
11:34
And I'm mostly talking about the father and husband, OK?
11:38
But still a severability clause, a good objective standard to have in any contract.
11:46
Then governing law.
11:47
I mean, the governing law, we can say whatever we want, we can say the State of Idaho.
11:53
OK, I prefer that you do not.
11:55
I think you prefer that you do not, because you invoke the States jurisdiction here, possibly plausibly what I would say is the governing laws, the law, the husband, the law of the father. I would start with that. I would just say the governing laws, the law of the father.
12:12
Residency is already established, so that's not an issue.
12:16
Are there any successor's maybe, who would fulfill the role of the law? the father? Well, the father would decide that.
12:22
Would it be an older son?
12:26
Would it be a trusted neighbor? A trusted friend, family friend, I don't know.
12:30
Maybe not, maybe there should be no successor's that's something that you have to decide.
12:34
Counterpart's has to do with how the instrument is going to be executed through the mayor. I mean, typically, in this situation, it's going to be in person, OK.
12:43
Then the way we describe the section's does not contribute in a material way to the actual contract. That's what effective headings is all about, and there's an indemnification clause.
12:54
I'm not sure we need to indemnify anybody. I mean, it's a family, OK. So it's not like we're strangers. So I'm not sure this is. But again, this is a formal aspect of a trust arrangement.
13:04
You can go find a sample trust agreement on many of the legal publisher websites, OK. And I just want to show you the different elements, OK. The most important element is that you're going to declare the existence of a trust. You cannot identify who the contributor of the trustees, who is forming at the trust store, and what property is being conveyed to form the trust. It could be a dollar, it could be one thousand. It could be a house, it could be anything. What I would suggest to you is that you not use this type of trust. It's a chattels trust, not use it for vehicles.
13:37
I would use a separate trust for a vehicle or a vessel like a boat, right.
13:43
And I would not use this trust, well, the same trust, put it that way. I wouldn't use the same trust that I'm using for Chattels for a vehicle, or for real estate. And when I'm talking about the real estate, I mean that the home in which you're living?
13:56
if you own the real estate, right, if you're on the title, So, I would use a separate trust, and Yeah, you could probably use a version of this trust.
14:03
But for this video, I'm just talking about the chattels of the marital community, the Marital Estate.
14:10
All right. You want to have as many settled matters as possible. You want to identify as many trust relationships as you can.
14:17
It makes your you're up your authority more Fortified OK, your authority. Let's say as Father and husband I know.
14:25
I know these videos are a bit biased Toward the father and husband I think this is the way it should be. So you can decide for yourselves. But you want to show that you're handling your business.
14:36
You're private affairs properly, and that no one else can come in there. Because you didn't you didn't handle something right.
14:43
You're handling it this way, So that's all I gotta say on that.
14:50
We're going to do some more videos. I'm going to explain more about the elements of the post nuptial agreement. This is a very important one, though.
14:58
Thanks for watching.