Since the “Series” within a Statutory Trust are established internally, you do not file a new document with the Secretary of State every time you create a new cell. Instead, you execute a private Designation of Series document.
This document acts as the official “birth certificate” for that specific series and is what you would show a bank to open a separate account or a title company to buy property in the name of that series.
DESIGNATION OF SERIES
OF [NAME OF MASTER TRUST]
This Designation of Series (the “Designation”) is made effective as of ________, 20, by the Trustee(s) of the [Full Name of Master Trust] (the “Trust”), a Wyoming Statutory Trust.
1. Establishment of Series
Pursuant to the authority granted in the Master Trust Agreement dated ________, 20, and in accordance with Wyoming Statute § 17-23-108, the Trustee hereby establishes a separate series of the Trust to be known and designated as:
[Name of Master Trust] – [Series Name/Number] – Series [X]
(Example: Blue Ridge Statutory Trust – 123 Main St – Series 1)
2. Limitation of Liability (Notice of Segregation)
As provided in the Certificate of Trust filed with the Wyoming Secretary of State:
- The debts, liabilities, and obligations of this Series shall be enforceable against the assets of this Series only, and not against the assets of the Trust generally or any other series thereof.
- Conversely, the debts of the Master Trust or any other series shall not be enforceable against the assets of this Series.
3. Purpose and Assets
This Series is established for the purpose of: __________________________________________
________________________________________________________________________________.
The initial assets to be associated with this Series are: ________________________________
________________________________________________________________________________.
4. Separate Records and Accounts
The Trustee(s) shall maintain separate and distinct records for this Series. All assets, liabilities, income, and expenses associated with this Series shall be accounted for separately from the Master Trust and any other series. All bank accounts for this Series shall be held in the name of this specific Series.
5. Binding Effect
This Designation shall be kept with the books and records of the Master Trust and shall be governed by the laws of the State of Wyoming.
IN WITNESS WHEREOF, the undersigned Trustee has executed this Designation on the date first written above.
[Name of Trustee], Trustee
Pro-Tips for Success:
- Naming Conventions: While not strictly required by law for trusts (unlike LLCs), it is best practice to include the word “Series” and a number or unique identifier in the name to make the segregation clear to third parties.
- The “Binder” Rule: Since this is an internal document, keep a physical or digital “Series Binder.” Each series should have its own section containing its Designation, its EIN confirmation, and its bank signature cards.
- Titling Assets: When you buy property for this series, the deed should read: ” [Name of Master Trust], [Name of Series] “ (e.g., Grand Teton Statutory Trust, Series A).
Would you like me to help you draft a simple “Asset Transfer” memo to officially move a specific property or bank balance into this new series?