How to Name a Living Trust

By Anna Assad

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.

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.

Step 1

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".

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Step 2

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.

Step 3

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.

Step 4

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.

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How to Make a Family Trust

References

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Living Trust Procedures

Revocable living trusts allow assets placed in the trust to avoid going through the probate process after your death, while permitting you to control these assets during your lifetime. You may change the trust, even terminate it, at any time. When you die, the trust usually becomes irrevocable, with no changes permitted. Although living trust procedures are relatively straightforward, laws regarding these instruments vary by state.

Is a Living Trust Liable or Subject to Probate?

A living trust holds assets that are managed by a trustee for intended beneficiaries. Also called a revocable trust, it differs from other trusts in that the trust creator, or grantor, can also serve as the trustee and can make changes to, or even revoke, the trust in its entirety during his lifetime. Living trusts are attractive because the grantor retains ultimate control over his assets while he is alive, but they are most commonly used to avoid probate.

Living Trust Vs Last Will in Texas

Probating a will can be a time-consuming and costly process. In addition, all probate costs are paid from the assets of the probated estate. Accordingly, probate can effectively drain some of the assets of the estate, leaving less available for the beneficiaries. Therefore, a common alternative to a last will and testament is a living trust. In Texas, state laws govern the requirements for both a will and a living trust.

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