If you have a trust, the name of trust is probably stated in the trust document. If you are thinking of getting a trust, you can get creative. Here are some common answers to how you refer to your trust.
If you already have a trust, here’s how you refer to it.
You can look at your trust document, and it will probably have a name on the front cover page, or on the first page. Here is one format for titling assets into your trust:
John F. Doe and Jane M. Doe, Trustees of the Doe Family Trust dated November 1, 2022, and any amendments thereto.
Of course, you insert your relevant individual information. The date of the trust is typically the date that you signed the document. However, at our law firm, we use an “effective date” of the first of the month because that’s easier to remember. If you have a question about how to refer to your trust, ask your attorney. Or you can call us at 602-443-4888.
The name of trust does not need to be unique.
If you use a common name for your trust, then you maybe able to find other trusts with the same name. For example, I imagine there are multiple “Smith Family Trusts.” However, we have never heard of that being an issue. Your trust is still unique because it was created on a specific date, and the trustees are unique.
You may call your trust after your name.
You can name your trust after yourself. If your name is John A. Smith, then you can call your trust the “John A. Smith Trust.”
A note about referring to your trust as “revocable living trust.”
A revocable trust is one that the grantor (person creating the trust) can change. A living trust is one that the grantor sets up during his or her lifetime. If you call your trust the “John And Jane Doe Revocable Living Trust,” and either John or Jane die, then the trust is no longer “revocable” or “living.” Now you have an irrevocable trust that is called a “revocable trust.” That’s like calling your car a truck. It just doesn’t make sense. And it can confuse people.
You may use a trade name, such as “The Cactus Trust.”
There are some reasons why you might choose to give your trust a unique name. One reason is that you might want to make sure that only certain people can access your trust. Another reason is that you might prefer to keep your trust private.
You can name your trust after a place, such as a country or city. Or, you can title your own trust after something else, such as a pet or favorite food. These are just ideas. You can really give it any name that you want.
A trust may use initials, such as “JTO Trust.”
At our law firm, we prefer to use initials. This is easier to write and provides a little more privacy. For example, if you own your LLC in the name of the JTO Trust, and use a PO Box, that will be harder for someone to track back to you. You have less privacy if the owner of your LLC is the John Thomas Olson Trust, you don’t have any privacy.
Have Questions About A Trust, Give Us A Call?
If you have any questions about trusts, estate planning or asset protection, call us at 602-443-4888. We’d love to help.
