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.

Bill of Sale Trust Application

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

When you download the Blank Exhibit A, you will use this document to create your list of all assets that you want to “sell” to the trust. We do not require a copy of your Exhibit A, but you will need to keep it somewhere safe as this will be attached to your Bill of Sale documents once completed. Upon completing your list of assets on Exhibit A, you will need to value the assets at their cost basis (what you paid for the asset). Once you have calculated the Grand Total, you are ready to complete Step 2.”

STEP 2

BILL OF SALE DEMAND NOTE

Download the Bill of Sale and Demand Note Fillable Information Form below. 

STEP 3

MOTOR VEHICLE TRUST REGISTRATION

The Motor Vehicle Trust Registration document is a form that is used to transfer a vehicle(s) from the seller to the trust. It does not necessarily have to be filed with your local DMV. However, if it is convenient to file, then please do so. This document requires notarized signatures and should be kept in your trust book.

Once the Bill of Sale and Demand Note, and any Motor Vehicle Trust Registration(s) have been completed, they will need to be saved to your computer/device and emailed to julie@geptrust.com.

EXAMPLES OF PERSONAL TRUST EXPENSES