PERSONAL ASSETS

BILL OF SALE, DEMAND NOTE AND MOTOR VEHICLE TRUST REGISTRATION

The Bill of Sale is a document that is used to sell/transfer ownership of assets from one person/entity (e.g., revocable trust, LLC, S-Corp, C-Corp) to a trust. The seller does not necessarily have to be you, anyone can sell assets to your trust.

A list of all assets should be created and attached to the Bill of Sale. This list will be called “Exhibit A”. This document requires notarized signatures and should be kept in your trust book.

The Demand Note is a return of capital, a note payable from the trust with no fixed term or repayment schedule. The Demand Note is used to take money from the trust tax free and is normally taken for expenses that the trust won’t cover (clothing, vacation, etc.). Every time that money is taken from the trust for things that the trust won’t cover, it will reduce your demand note. This document requires notarized signatures and should be kept in your trust book.

For further clarity on the Bill of Sale and Demand Note Process, please download the questions and answers.

STEP 1

EXHIBIT A

Download Blank Exhibit A to list all assets you want to transfer to the trust. You don’t need to send us Exhibit A, but keep it safe as it attaches to your Bill of Sale. Record the purchase cost of each asset, tally the total, and move to Step 2.

STEP 2

BILL OF SALE DEMAND NOTE

Download and fill out the Bill of Sale and Demand Note form below.

STEP 3

MOTOR VEHICLE TRUST REGISTRATION

Use this form to transfer a vehicle to the trust. Notarize it and keep it in your trust book. Filing with the DMV is optional.

After completing all forms, save them and email them to info@mastersbat.com

EXAMPLES OF PERSONAL TRUST EXPENSES

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