Funds liquidating trust
This LIQUIDATING TRUST AGREEMENT (this “Agreement”), dated as of June 30, 2006 (the “Effective Date”), by and between PLM Equipment Growth Fund VI, a California limited partnership, as Grantor (the “Partnership”), and PLM Financial Services, Inc., a Delaware corporation, as Trustee (the “Trustee”).
Why is it so important to fund your Revocable Living Trust?
For the following reasons: An unfunded Revocable Living Trust is not worth much more than the paper its written on.
For ease of administration, the List shall express the Beneficial Interest of each Initial Beneficiary in terms of units and it is intended that each unit shall represent one Trust Unit in the Trust.
In the case of the Partnership Unit holders, customary institutional book-entry or other records or any other evidence of ownership satisfactory to the Trustee will be deemed to evidence the Beneficial Interest in the Trust of each such Beneficiary.
To the extent that there are available Trust Assets in the Trust, the Trust hereby agrees to assume all Liabilities of the Partnership on the Effective Date.
Should any Liability be asserted against the Trust as the transferee of the Trust Assets or as a result of the assumption made in this paragraph, the Trustee may use such part of the Trust Assets as may be necessary in contesting any such Liability or in payment thereof.(a) The Trust shall not continue or engage in the conduct of any trade or business, except as necessary for the orderly liquidation of the Trust Assets.The Trust’s activities will be limited to the holding, collection and sale of the Trust Assets.Thus, it is important to take the time to retitle your assets in the name of your trust after you have taken the time to work with your estate planning attorney to create a Revocable Living Trust that fits your particular family situation and financial needs.Also, you will need to update the beneficiary designations for your assets that require a beneficiary designation.The Cash Reserve and Retained Assets to be granted, assigned and conveyed to the Trustee as of the Effective Date will be held in the Trust, and the Trustee will: (i) further liquidate the Trust Assets as it deems necessary to carry out the purpose of the Trust and facilitate distribution of the Trust Assets; (ii) protect, conserve and manage the Trust Assets in accordance with the terms and conditions hereof; and (iii) distribute the Trust Assets in accordance with the terms and conditions hereof.Tags: Adult Dating, affair dating, sex dating