How to Name a Revocable Trust: A Guide for Florida Residents

A trust is a probate avoidance tool commonly used in Florida to ensure assets pass on smoothly, quickly, and easily without getting stuck in probate court.  Creating a trust is an important step in estate planning, helping to ensure your assets are managed and distributed according to your wishes.  One question many of our Jacksonville clients ask is: “What do I name my trust?”  This article provides guidance specific to a revocable trust, which is the most common trust in estate planning due to its flexibility and levels of protection. The grantor of a revocable trust may change the terms of the trust whenever they wish, including changing the name of the trust. 

What Name Should You Give the Trust?

When setting up a trust, you have the freedom to name it whatever you like. Unlike corporations or LLCs, there is no requirement to get approval from a state agency for the name. This flexibility allows you to choose a name that holds personal significance. However, remember that the trust’s name will appear on all assets transferred into it, so it’s wise to keep it straightforward and professional. To learn more about trusts, read our article, Does Anyone Really Need a Trust? 

Jacksonville Trust Attorney Bill O’Leary provides a quick explanation in his video, “How to Name a Trust.”

Are There Legal Requirements for Naming a Trust?

There are no strict legal requirements for naming a trust in Florida. You don’t need to check the availability of the name as you would for a business entity. The key is to choose a name that clearly identifies the trust and its purpose without causing confusion or complications when managing the assets.

Should the Trust Name Be Shorter or Longer?

When deciding on the length of the trust name, shorter is often better. Financial institutions and other entities may have character limits on forms and online platforms. A long and complex name might get truncated or lead to errors in documentation. Aim for a concise name that still conveys the necessary information. 

Also Read: Is Your Estate Plan Up to Date?

What Are Some Basic Elements of a Trust Name?

Typically, a trust name should include the last name of the trust creator. For example, if your name is Mary Smith, you might name it “The Smith Trust” or “The Mary Smith Living Trust.” Including both the first and last names can add clarity, but make sure the spelling matches your legal identification documents to avoid any issues.

Guidance for Using Your First or Last Name for the Trust

Using your surname or a combination of your first and last names is a practical approach. This helps in easily identifying the trust as yours and simplifies matters for your heirs and financial institutions. For example, “The Johnson Family Trust” is straightforward and easily recognizable. Regardless of whether you use your first name or last name, ensure that the spelling of the name that you use matches the spelling of your name on government-issued IDs like your driver’s license. 

Is It Necessary to Use the Word ‘Family’ for the Trust Name?

Including the word “Family” in the trust name is optional. While it can add a nice personal touch, it is not necessary. Many people prefer names like “The Smith Trust” or “The Smith Living Trust” for simplicity and clarity.

Add the Date of Establishment to the Trust Name

Including the date that you establish the trust in the trust name can be very helpful. It provides a clear reference for when the trust was created, which can be important for legal and administrative purposes. For instance, “The Smith Trust UAD (Under Agreement Dated) May 1, 2024” clearly indicates the trust’s creation date.

What If I Want the Trust Entity to Maintain Privacy or Confidentiality?

If maintaining privacy is a concern, you can opt for a more generic or nondescript name. For example, using an address or a meaningful location instead of a personal name can help maintain confidentiality. “The 123 Maple Street Trust” is one way to keep your identity private while still clearly identifying the trust.

Also Read: What is the Best Way to Leave an Inheritance to a Grandchild?

Avoid Being Overly Creative with Trust Names

While it might be tempting to get creative, it’s generally best to avoid unusual or whimsical names. Names like “The Fido Trust” (after a beloved pet) might create confusion and raise unnecessary questions from banks or other institutions. Keep in mind that you will use this trust name when transferring your assets to it, and thus the name must hold credibility as a legal entity.  Stick to names that clearly communicate the trust’s purpose and ownership.

If you are a pet owner and wish to protect your pet in the event that you are incapacitated or pass away unexpectedly, read our article: Pet Trusts in Jacksonville: Safeguarding Your Furry Family Members

Can I Change the Name of My Trust?

Yes, you can change the name of your trust. Since most living trusts are revocable, you have the flexibility to make changes, including renaming the trust, as your needs and circumstances evolve.

Conclusion

Creating a trust is a significant step in your estate planning process. While the trust name should be meaningful to you, it should also be practical and straightforward to avoid complications. If you’re considering setting up revocable trust and need guidance, our team at Legacy Planning Law Group is here to help. 

Schedule a Discovery Call with Team Legacy to get started.

For more information and personalized assistance, don’t hesitate to reach out. Let’s ensure your estate plan is set up for success, reflecting your unique needs and providing peace of mind for your loved ones.

Key Takeaways

• Flexibility in Naming: You have the freedom to name your trust whatever you like, as there are no legal requirements or state approvals needed in Florida.
• Shorter Rather than Longer: Opt for a shorter name to avoid complications with character limits on forms and financial documents.
• Basic Elements: Include your last name or a combination of your first and last names for clarity and ease of identification.
• Using the Word “Family” is Optional: Adding “Family” to the trust name is optional and mostly a personal choice.
• Including the Date: Adding the date of establishment to the trust name helps with legal and administrative clarity.
• Privacy Considerations: For confidentiality, consider using a generic name related to an address or significant location.
• Avoiding Over-Creativity: Stick to straightforward names to avoid confusion and complications with institutions.
• Changing Names: You can change the name of your trust since most living trusts are revocable.