Most trusts are named after the trust creators and also include the date the trust was created. For a trust to actually hold title to property, whether it's a home, a brokerage account, a business interest, etc. The way a trust is identifiable is by its formal name. Contrary to what many people think, you don't need to give your trust your full surname.
How does a power of attorney change when someone turns 18? Biddle Law1900 South Norfolk Street Suite 350 San Mateo, CA 94403.If your living trust title contains your name (as does the title of Nolo trusts), you'll need to create a new trust, not just update your old one. Creating a new trust will require you to transfer trust ownership from your old trust to your new trust, using your new name. For example, if Sarah Smith's home is owned by her living trust, when she changes her name to Sarah Gonzales, she will have to change the deed to say that the house is now owned by The Sarah Gonzales Living Trust. Creating your new trust and transferring ownership may take a little work (and money), but you'll have to consider it one of the many issues involved in changing your name.
I, __________, currently from __________, Missouri, (the Grantor) declare and make this revocable living trust (the Living Trust). Despite transferring title to an asset in the name of your trust, the asset is still considered part of your property when you use a revocable living trust. The law still considers you to be the owner of the property within your living revocable trust because you can change ownership of the property or terminate the trust at any time, and control the contents of the trust as a trustee. Most grantors appoint themselves as trustees of their revocable living trust so that they can retain control of their assets throughout their lifetime.
When your financial or family circumstances change, you must be diligent to modify your living revocable trust to reflect your wishes. To include assets in your revocable living trust, you must transfer the titles of the assets to the trust's name. While your revocable living trust may have taxable income or assets in your name, you don't need to file a separate tax return. A revocable living trust is a document that allows you to place assets or property in a trust so that they can be seamlessly transferred to your beneficiaries after your death.
Placing certain assets in a living revocable trust can ensure that a trusted family member or friend, known as your successor trustee, can control the assets if you are incapacitated without requiring court permission. Revocable living trusts can ensure a smooth transfer of ownership to your beneficiaries and avoid delays. The assets in your revocable living trust are considered your property and can be claimed by creditors. To transfer a bank account to a revocable living trust, it's best to check with your bank about its process.
But did you know that you can name your Revocable Living Trust any name you want? If you want to hide your identity, you can name your trust something other than your real name. One way to protect your privacy is to name your revocable living trust with a generic name instead of your real name. By placing assets in a revocable living trust, they can bypass the probate process after their death.