The default manner to name a trust is the person’s name and date the trust was created. Some examples include:
“Smith Family Trust Dated November 21, 2022”
“John Smith and Jane Smith Revocable Living Trust Dated November 21, 2022”.
There are no legal requirements when it comes to naming a trust. Those examples above are the most common way estate planning attorneys draft them. Unlike a business entity such as an LLC or corporation, there is no regulatory authority that needs to approve the name of a trust. This allows the creator of the trust to name the trust anything he or she chooses. The name is very important though. All property funding the trust must be retitled into the trust’s name.
Here are few tips to consider when choosing to name your trust:
1. Make it easy to spell and remember to avoid a higher chance of mistakes and misspellings. Keeping it shorter is also recommended because you may have to write it repetitively.
2. Is privacy and confidentiality a primary purpose behind creating the trust? If so, then you will not want to include your name in the trust. You can use your initials and name the trust “J.S. Family Trust Dated November 21, 2022”. You can also name it something completely unrelated like “RockStar 995 Trust Dated November 21, 2022”. We would recommend that you deviate from the default practices and do this only if confidentiality is really a significant factor. It can mean more explaining to financial institutions during the funding process.
3. If the trust is created to hold certain properties, you can name the trust after the address of the property such as “505 Oak Drive Trust Dated November 21, 2022”.
4. Make sure the spelling of any names or addresses in the name of the trust match any legal documents such as deeds, birth certificates, etc. If they are not an exact match, and this is a choice you are intentionally making, explain these differences in the terms of the trust to prevent future issues.
5. Avoid naming your trust after an existing LLC or corporation in your state. The name of your trust should not sound like the name of a lender, financial institution or law firm.
Keep the name short, clear and concise. You will use this name often so make it as easy as possible while still providing a clear connection between you or your property and the trust name. For assistance in brainstorming the best name for your trust, contact the experienced estate planning attorneys at Stouffer Legal. You can schedule an appointment by calling us at (443) 470-3599 or emailing us at office@stoufferlegal.com.
