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 -
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 feature for trust benefits. Anyone even with an online degree could make this mistake. 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, so they write your name all over all of your stuff. Naming the trust after yourself or your family closely 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.
Mistaken identity can also associate assets belonging to a trust with outsiders. All mistaken business dealings could betray the safety and privacy of the protective trust. Any namesake trust prevents you from obtaining privacy or protection.
Trust Names You Can Trust -
The perfect trust name has nothing specific associated 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, a Private Asset Trust will actually protect your privacy and your assets.