What’s in a name? From children to pets to social media handles, choosing a name is an opportunity to make a statement. Whether it is a traditional or creative type of name, it can influence how others perceive you and even how successful you can become.
While naming your living trust is perhaps a less common occurrence for most people, the creator of a trust is permitted to choose any name that they desire. Since a trust is not a public legal entity, for example, like a corporation, it is not subject to approval by any government official or regulations.
In the absence of any governing laws, oftentimes a trust name follows a simple template using the creator’s legal name along with the date of creation (e.g., “John Smith Revocable Trust dated 02/05/2025.”)
Assigning a name to your trust is important for multiple reasons, so it is in your best interest to give it a name. For instance, banks and real estate title insurance companies require the name of a trust when it comes to obtaining legal documents such as a contract to sell a trust property. Without a name, significant issues can arise with validation of documentation on things like contracts or deeds.
So, what should you keep in mind when naming it?
Generally, it’s in your best interest to keep the name short and sweet, since a long name runs a higher risk of issues with abbreviations on forms (due to lack of space) or potential misspellings. Preferably, you would put “Smith Family Trust dated 02/05/2025” rather than “John Q. Smith and Jane E. Smith Revocable Family Trust dated 02/05/2025.”
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Another practice for naming a trust that isn’t complicated is to use an address. Let’s say the purpose of the trust is to own and operate a bed and breakfast. In that case, you may wish to use the street address to name your trust, which can help to keep the business separate. (e.g., “123 Main Street Trust dated 02/05/2025.”)
Keeping It Confidential
Although you can name your trust anything you want, it’s important to decide whether you want to keep the owner of your trust confidential. For one reason or another, you may prefer to leave out identifying details. In creating a confidential trust, it’s best if you don’t include your name or any of the names of the trust creators or individuals known to be associated with them.
Before naming your trust after something that has nothing to do with its creators, be sure to confirm that there is an important reason to make it confidential. As trusts not named after your family at all will generate many more questions during business transactions for the trust, be prepared to answer more questions if confidentiality is important.
Cross Your T’s And Dot Your I’s
Some crucial things to look for when setting up a living trust include the correct spelling of names, as they appear on a government issued ID or driver license, or other official documents such as birth certificates, social security cards, military records, property deeds, etc. It’s extremely important that all details match what is listed on official documents and any suffixes like Jr. or III on legal names appear identical. If you fail to ensure that they do, then it can create a lot of questions that can tremendously slow down any related processes.
If differences between the trust and any of these documents are found, then you must explain them in the declaration of trust. Therefore, creating a trust in which all the details are correct can help to prevent future issues. Hatley Law Group can help those in California to create such a trust as part of a comprehensive estate plan. Contact us today to learn more or to schedule a consultation!
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