Key Takeaways

  • Every trust must have a name to hold and transfer assets legally.
  • The name you choose must be unique and not already in use in the jurisdiction where the trust operates.
  • Trust names often include the grantor’s name and date but can also be customized for privacy or clarity.
  • Avoid using overly common or misleading names that could delay asset transfers.
  • If the name of a trust is changed, all titled assets must be re-recorded under the new name.
  • Trust names do not need to include words like "Family" or personal surnames unless desired.
  • A trust's name is essential for tax identification and property titling.
  • You can find a qualified attorney on UpCounsel to help with choosing a trust name or forming a trust.

Checking name trust availability is an easy process that requires only a few small steps. Trusts can be broken down into two main categories:

  • Living trusts: Living trusts are created by an individual at some point in his or her lifetime. The grantor is the person who transfers the property into a trust, and the trustees are the beneficiaries of the trust. Probate can be avoided with these kinds of trusts, since the assets are held by the trust and not in the name of an individual. The grantor may act as the trustee or may appoint another party or advisor to manage the trust.
  • Testamentary trusts: In a testamentary trust, the trust becomes established when the person whose assets are represented dies. These trusts can be set up for a number of reasons, including providing for future beneficiaries.

In both situations, it is vital for the person in charge of administering the trust to maintain honesty and integrity and to abide by the terms of the trust exactly. If the duty of the person administering the trust is breached, then the beneficiaries of the trust have the right to protect themselves through legal action.

What Is the Role of a Trustee?

In order to manage a trust properly and ensure that all regulatory requirements are being met, a trustee is obliged to perform a wide variety of tasks. Some of the roles and responsibilities of a trustee include:

  • Protection and collection of assets of the trust: These are the two main responsibilities of a trustee. For example, when property is one of the assets involved, the trustee is responsible for the maintenance and upkeep of the property as well as making sure that the property insurance is up-to-date. If the assets are cash or securities, the trustee must maintain the separate accounts on behalf of beneficiaries of the trust.
  • Keeping up with taxes: The trustee has the responsibility of maintaining all the tax liability that occurs with a trust account. They must also pay all tax liability on the capital gains as well as undistributed income. The trustee will also be required to notify the beneficiaries of the amounts that they are required to include on their personal tax returns.
  • Maintaining all records: The trustee has the responsibility of documenting all of the transactions that occur within a trust. Before the final settlement of the trust, the trustee must provide documentation that all of the income and assets associated with the trust account have been distributed and administered properly.
  • Investment oversight: A trustee is supposed to plan for both the future and current needs of the beneficiaries. This can involve maintaining investments in the trust that will provide income to the beneficiaries and reinvesting the principal. There are some instances where the trustee will have the ability to distribute principal to the beneficiaries.

What Is a Beneficiary's Right to Action?

A beneficiary has the right to see the accounting of the assets as well as to request a special accounting if they feel that the trustee has not been performing their role and fulfilling their responsibilities. If a trustee does not provide a beneficiary with the documentation that they request, then the beneficiary has the right to take legal action against the trustee. This can include removing or replacing the trustee. Such an action is normally handled in probate court.

Revocable vs. Irrevocable Trusts

Living trusts can be structured as revocable or irrevocable trusts:

  • Revocable: With these types of trusts, the property held in the trust can be revoked at any time. They do not need to be filed with the probate office in the event of a death and are often chosen in order to maintain family privacy. While it does not have to go through probate, the property will be subject to estate and income tax, like any owned property.
  • Irrevocable: In this type of trust, the assets placed are removed permanently from the estate of the grantor. Capital gains and taxes are paid from the trust, though in the event of the grantor's death, the assets will not be subject to estate taxes.

Understanding Trust Name Availability

Before finalizing a name for your trust, it's essential to ensure that the name is available for legal use. Trust name availability plays a critical role in properly titling assets, avoiding conflicts, and ensuring compliance with financial institutions, tax authorities, and state requirements.

Why Trust Name Availability Matters

  • Legal Identification: The trust’s name must be unique enough to be distinguishable in legal documents.
  • Asset Titling: Banks, title companies, and the IRS require accurate trust names for property and tax documentation.
  • Avoiding Confusion: A name too similar to an existing trust could result in legal delays or complications in asset transfers.

How to Check Trust Name Availability

  • Search County Records: Begin by checking property records in the county where the trust will own assets.
  • Consult State Business Registries: Though trusts are not filed like LLCs, verifying that no business entity or trust with a similar name exists can avoid confusion.
  • Check with Financial Institutions: Some banks require documentation showing that a trust name is unique within their system before opening accounts or transferring assets.
  • Work with a Legal Professional: Attorneys experienced in estate planning can perform more thorough searches and advise on the legal implications of your chosen name.

How to Choose a Trust Name

Selecting a name for your trust is more than a formality—it impacts privacy, clarity, and asset administration. While there is flexibility, some best practices can help you choose an effective trust name.

Common Trust Naming Conventions

  • Full Legal Names: Most often, trusts are named using the grantor’s full name, e.g., “John A. Smith Revocable Living Trust.”
  • Married or Joint Trusts: A joint trust may include both spouses’ names: “John and Mary Smith Living Trust.”
  • Date Inclusion: Adding the trust’s date of execution helps differentiate multiple trusts (e.g., “Smith Family Trust dated March 1, 2025”).

Creative or Alternative Naming Options

  • You may use initials, phrases, or even non-family names if preferred privacy is a concern (e.g., “Sunrise Legacy Trust”).
  • Avoid names that might mislead or imply a business function (e.g., “Smith Enterprises Trust”).

Considerations When Naming a Trust

  • Privacy: Using a unique or less obvious name helps maintain anonymity in public records.
  • Simplicity: Shorter names reduce errors in titling and paperwork.
  • Consistency: Use the exact same name across all documents, titles, and accounts.

Can You Change a Trust Name?

Yes, in most cases, especially for revocable trusts, you can change the name. However, it’s not as simple as updating a document.

What Changing a Trust Name Involves

  • Amending the Trust Document: This includes drafting an official trust amendment or restating the trust with the new name.
  • Retitling All Assets: Every asset titled in the trust’s original name—bank accounts, deeds, investment accounts—must be re-registered under the new trust name.
  • Notifying Relevant Parties: Inform all institutions that hold trust assets of the change to avoid disruptions.

While legally permissible, changing the name of a trust can be cumbersome, especially if many assets are involved. That’s why it’s wise to carefully select the name at the outset.

Tips for Naming a Trust to Ensure Availability

When considering trust name availability, use the following checklist to ensure you select a valid and functional name:

  1. Conduct a General Search: Google the name to identify any high-profile or conflicting uses.
  2. Avoid Common Phrases: Names like “The Family Trust” may be too generic and already widely used.
  3. Use Descriptive Identifiers: Combine a surname and date or a unique word to ensure distinction.
  4. Avoid Using "LLC" or "Corp.": These imply business entities and can mislead third parties.
  5. Consult an Attorney: A trust and estate attorney can check for conflicts and draft properly formatted names that meet legal and institutional requirements.

Frequently Asked Questions

  1. Does a trust name have to be unique?
    Yes, while there’s no national registry for trust names, the name should be unique enough to avoid confusion in titling and financial transactions.
  2. Can I name a trust anything I want?
    Generally, yes, but it’s important the name is clear, appropriate, and not misleading. Avoid names that resemble businesses or other legal entities.
  3. What happens if two trusts have the same name?
    This can cause confusion during asset transfers or legal matters. Adding the date of formation and using full names helps prevent overlap.
  4. Is the trust name public?
    While trusts themselves are private documents, if they hold property, the trust name may appear in public records like property titles.
  5. Do I need to file the trust name with the state?
    Not typically. However, any assets titled in the trust’s name must reflect the exact trust name, so consistency is essential.

If you need help with how to check trust name availability, you can post your legal need on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.