Most NLT users find over time that they have no further need for statutory entities. Clients who are self-employed can have contract consultant clients can pay the trust, and businesses that sell products or services can have their customers pay the trust . . . just like customers pay our BIC trust for BIC’s products. BIC operates directly from the trust, and most NLT clients find over time that they can operate their businesses directly from their NLTs.
If you are the trustee and you want to know how to cover your personal expenses, the NLT doesn’t need to pay you; rather it can pay for goods and services directly that you would have spent your own money on. There is a minute that comes with the trust called the Housing Resolution, which authorizes the trust to cover the managing trustee’s housing expenses, and there is one called the Spiritual Resolution, which authorizes the trust to cover other types of expenses for the managing trustee. So being, it isn’t even necessary to have bank accounts in one’s personal name.
If you wish to continue banking in your personal name and have the trust pay you a salary, that is your prerogative; but to have your affairs taken care of, having a bank account in your personal name isn’t necessary.
