Transferring property to the people and the charity of your choice has been made easy via estate planning too; a living trust. But here is one thing to remember. Your assets would be held in the name of the trust and not in your name.
That being said, it is crucial to name your trust adequately.
The Importance of the Trust’s Name
The name of the trust shouldn’t be the same as your name to be identified formally. A few people opt for including their names in their trust such as “James K. Smith Living Trust”, which is not a requirement.
If you want privacy for your trust, the better option is to leave out your name from that of the trust. However, you like your trust to be identified with, that’s entirely on you.
Another good option is to include the date on which the trust was signed into the name of the trust. This would help keep the trust distinct and separate from other legal entities helping you in future reference.
Things to Take into Account
In a living trust, the owner of the asset is the name of the trust which, in some cases, maybe too long. The name of the bank accounts is required to be named as follows:
Your name (as the trustee) and name of the trust.
This pattern may give you overly long trust titles. However, you can shorten it in a way. For example, changing “Janet T. Smith Living Trust” to “Smith Family Trust”.
Contact a Knowledgeable Attorney
If you are unsure about what to name your “living trust”, a knowledgeable estate planning attorney will help you out. Contact Keystone Asset Protection and Estate Planning today and choose the best for yourself.