Not yet a SSCA member?
  • Twelve monthly issues of SSCA Commodores' bulletin
  • Members only website resource
  • Access to cruising stations around the world
  • Regional activities, games and much more!

Living trust vs Clearing in Question

Marine Insurance/Health Insurance/Banking/Bill Paying/Taxes

Living trust vs Clearing in Question

by ejshrader » Mon Dec 30, 2013 9:39 pm

We are planning to leave cruising next year and are putting most of our assets into a living trust to make the process easier for our kids when we die. I understand all the legal ramifications of doing this so I don't need advice there, but I would like advice about what effect putting the boat in the trust has on the clearing in process in other countries. The trustee will be on the boat. We will be sailing south to Mexico and central America and then across the pacific until it is no longer fun. Can anyone share their experiences (non-theoretical) about clearing in with a boat that is owned by a trust?

TIA, Eric
OFFLINE
ejshrader
Posts: 3
Joined: Sun Jul 01, 2012 10:06 am

Re: Living trust vs Clearing in Question

by Auspicious » Tue Dec 31, 2013 6:04 am

Not exactly on point, but I have cleared in many times as a delivery skipper without the owner aboard at all. I carry a letter from the owner authorizing me as master of the boat. I've never even had the letter notarized, just signed. No problem in Bermuda, the Bahamas, or Western Caribbean.

Deferring to those who have done precisely what you intend, I'd carry a letter signed by all trustees authorizing you and your wife to act independently as masters.
dave
S/V Auspicious
AuspiciousWorks.com

Beware cut and paste sailors
OFFLINE
Auspicious
Posts: 1263
Joined: Thu Jun 29, 2006 4:45 pm
Location: Chesapeake Bay
Vessel Name: Auspicious
Vessel Make and Model: HR 40

Re: Living trust vs Clearing in Question

by lshick » Tue Dec 31, 2013 6:05 am

Our boat has been in an LT since before we set off 10 years ago. We have been through Mexico, Central America (both sides), Ecuador, and Colombia. Never got so much as a raised eyebrow on the LT. Good luck.
Larry Shick
"Moira" www.sv-moira.com
OFFLINE
lshick
Posts: 236
Joined: Tue Oct 07, 2008 12:47 pm
Location: US East Coast & Bahamas
Vessel Name: Moira
Vessel Make and Model: Valiant 42

Who is online

In total there are 7 users online :: 0 registered, 0 hidden and 7 guests

Most users ever online was 177 on Wed Jan 30, 2013 9:10 am

Users browsing this forum: No registered users and 7 guests

Legend: Administrators, Global moderators, Registered users
cron