WHAT DO WE NAME OUR TRUST?
NAMING THE TRUST -
A trust can have any name. It can be short, long, easy, complicated, misleading, associative, or private.
What’s in a name? -
The name that is given to your trust, and to a lesser extent the trustees selected to manage the trust assets, are the main way that the trust protects privacy. Privacy and protection are usually basic goals of the trust, yet simplicity is important too. Associating the purpose, or the asset, or the goal can still be achieved.
Trust Mistake Number One of Most Trusts -
The trust policy, custom, habit and practice of almost all attorneys is to name the trust after the family or individual creating it. This completely destroys the entire privacy prong of trust benefits. What is worse, the cost to select an anonymous name is exactly the same as the cost to name the trust after yourself; ZERO!
Putting Your Family Name All Over Everything -
Maybe some lawyers are just like a little kid first learning how to write their name, instead they write your name all over all of your stuff. Naming the trust after yourself or your family connects you to the trust assets. A search through public property records for your name will also reveal the name of your trust, and expose you to the frivolous lawsuits, identity theft, stalking, harassment, kidnapping, and punitive damage awards that may come with having your name and assets public. So will mistaken identity associate that an asset belongs to a trust with a name similar to yours. All of the business dealings that are done in the name of a namesake trust will betray your involvement to all who inquire. Your namesake trust prevents you from obtaining privacy or protection.
Trust Names You Can Trust -
The perfect trust name has nothing to do with you. Use names like the the Experience Family Trust, the Angels Management Trust, or some other obscure name. This maintains privacy and protection even though certain documents may be recorded as a matter of public record.
Please do not name a trust after the family name of the creator. Create a name that is anonymous to the family name in relation to the trust. If you do this, your trust will actually protect your privacy.