A trust name identifies a trust to its trustees, which are the people who manage the account, and its beneficiaries. While a trust name can be changed at any time, it is helpful to select a name that is short and easy to write. The trust name you select will appear on all trust documents and on any bank account established in the name of the trust. When selecting a trust name, you may consider a number of factors.
Create the trust in the name of the grantor or a set of beneficiaries, such as minor children. A grantor is the person who sets up the trust. A beneficiary is a person who benefits from the trust. Frequently, a beneficiary is a minor child, relative or organization.
Consider the aspects that make a trust name practical. Because it is necessary to re-title property in the name of the trust, choose a trust name that can conveniently appear on checks, titled deeds and bank accounts. For example, “Hernandez Trust” is less cumbersome than “The Robert V. and Patricia S. Hernandez Living Trust Fund.”
Hire a title company or attorney to submit a codicil, which attaches to your original trust deed, if you want to change the trust name. The codicil modifies your trust’s original name, thereby preventing the need to file a new trust deed.
Review paperwork, such as the trust deed, Agreement for Sale and Purchase (which allows you to re-title assets) and Deed of Acknowledgment of Debt (which allows you to loan your trust money). The correct trust name must appear on all documents.
A trust name often is changed after a divorce or separation. The codicil is only necessary when changing an exiting trust name.
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