Bill of Sale and Promissory Note Form
Bill of Sale and Promissory Note Form
Please complete the form below to provide the information our team needs to draft your Bill of Sale & Promissory Note (BOSPN).
The BOSPN is a legal document used to transfer ownership of assets into your trust. It serves two key purposes:
- Bill of Sale – Transfers ownership of the assets listed on Exhibit A from the current owner to the trust.
- Promissory Note – is the “IOU” from the trust detailing how you may be paid back for the assets sold on the Bill of Sale.
Quick Instructions
- Seller: This is the person or entity that currently owns the asset. If the seller is an entity, please provide the name of at least one authorized signer.
- Buyer: This would be the trust that will hold the assets.
- Value of Assets: This is the total amount that the seller paid for all assets being sold to the trust. This amount should include any real estate, vehicles, and any other assets listed on the Exhibit A. This is NOT their current market value. Example: If you bought a car for $25,000 and it’s now worth $10,000, you still list the value as $25,000.
One form must be submitted for each Owner:
If you own assets both personally and through an entity (like an LLC), a separate BOSPN and Exhibit A must be completed and submitted for each.
Example 1: You and your spouse jointly own a car → include on BOSPN #1 / Exhibit A #1.
Example 2: A car is owned by ABC LLC → include on BOSPN #2 / Exhibit A #2.
Please complete the form below to provide the information our team needs to draft your Bill of Sale & Promissory Note (BOSPN).
The BOSPN is a legal document used to transfer ownership of assets into your trust. It serves two key purposes:
1.Bill of Sale – Transfers ownership of the assets listed in Exhibit A from the current owner to the trust.
2.Promissory Note – is the “IOU” from the trust where you can be paid back for all the assets you sell.
Quick Instructions
- The Seller is the person or entity that currently owns the asset.
- The Buyer is the trust.
- The Value of Assets should reflect what you originally paid for the assets, not their current market value.
Example: If you bought a car for $25,000 and it’s now worth $10,000, you still list the value as $25,000.
One BOSPN form must be submitted per Owner or Entity:
If you own assets both personally and through a company (like an LLC), a separate BOSPN and Exhibit A must be completed and submitted for each.
- Example 1: You and your spouse jointly own a car → include on BOSPN #1 / Exhibit A #1.
- Example 2: A car is owned by ABC LLC → include on BOSPN #2 / Exhibit A #2.