A living trust is a plan in the form of an agreement that manages all the property you place into the trust while you're still living. A common estate-planning tool, a living trust is created by the preparation and execution of a trust agreement, a document that identifies the trust's owner, the trustee -- the person who oversees the trust -- and lists the trust's provisions. A living trust needs a name because the trust is the owner of all the assets placed into it. The name allows the trust's owner to identify the trust as the owner on property transfer papers, other legal documents and financial accounts.
Write down the names of the trust owners, or trustors. Living trusts are commonly named after the owners. For example, a trust created by two spouses can be named after both the husband and wife -- "The John and Jane Miller Living Trust" -- or the family itself, such as "The Miller Family Living Trust".
Consider how many assets the trust will hold. You must put the assets you want in the trust, such as your home, in the trust's name. A longer name is often confusing and inconvenient when you're transferring assets. Shorten the name if possible.
Speak to the trustees if you're not the only trustee. Tell the trustees what name you're considering. All trustees will use the trust's name. While you don't need their approval, they might have suggestions or see an issue with your proposed name.
Insert the name on the trust documents. Write down the name exactly as you want it to appear to avoid mistakes on the final agreement.
Using an unusual name for your trust can create problems when you're transferring assets or setting up trust banking accounts.
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