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At 05:42 AM 10/28/97 -0500, you wrote:
> We create our society every time we interact with someone.
> What kind of society did you create today?
> Richard C. Bond Sr. / Seattle 1986
(I like your signature comment.)
If one dies while his commodity account has trades in it, he may wish that
his heirs could close any open trades immediately without waiting for
PROBATE to allow an order to be placed. How quickly do you think you could
get an OK from the Probate Court to kill some disastrous trade? You are at
the mercy of the attorney and the courts.
My Trust says: "2. For purposes of specific identification, the assets held
pursuant to this Trust shall be that certain Futures, or Commodities, or
Securities, or Stocks, or Options Trading Account with ......, whose offices
are located at....., registered in the name of: Roy C. Sampley, Trustee
U-A, dated 1 July 1997. (It is to be understood that Roy C. Sampley also is
Settlor-Trustor.)"
I trade under the Trust and have to account to no one for what I do with the
assets. I don't have to consult with the beneficiaries even if I trash the
account or close it. But I am not working with ret funds. I just use this
format so that in case of my death, my beneficiaries can close my account
without having to wait for probate. I am my own trustee so I have no extra
expense. This effectively is a "Living Trust" or Intervivos Trust.
It is extremely easy to set up, and anyone who wants it can find in the
Library a copy of Norman F. Dacey's "Avoiding Probate." I have some special
things that I have learned over the years and added to mine but Dacey's will
do what you really need.
BTW, if you ask an attorney, you will be amazed at their disdain for trusts.
But they LOVE probate where they do very little work and get a nice
percentage of the estate.
You said, "In reading the intrust documents, it appears that they charge for
trading activity. But someone mentioned setting oneself up as
having trading athority." I use a Trustee for my wife's IRA who allows us
discretionary power in what we want to invest in. I have bought mortgages
and other things under that discretion, but have not traded commodities
under the IRA. I believe that I could get the funds set up where I could
trade them without having to talk to the trustee, but these are my wife's
funds and she likes tangibles. I am confident that you can place IRA and
ret funds with a broker and then trade exactly as I am trading the account
above. With an IRA, you would have a beneficiary named but I think I would
want written assurance from my broker that upon my death, my beneficiary, if
inexperienced, immediately could close the acct. or if experienced could
continue it to a point that seemed practical for closing it.
Consider Practicing Random Kindness
(Read RAK's in Reader's Digest May 1992)
Roy C. Sampley
rsampley@xxxxxxxxx
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