In some situations the name of a legal estate planning document is significant. The name can signify what, when, or how a fiduciary is allowed to represent you, the principal.
One exception is the name of a Revocable Trust, i.e. a Living Trust or a Family Trust.
To be clear, there are multiple types of Trusts available, all with differing names, so let’s just agree to talk about a revocable trust, i.e. the most common trust you will hear about.
Regardless of its name, a Revocable Living Trust, Revocable Family Trust, Living Trust, Family Trust, Husband’s Trust, Wife’s Trust, Kid’s Trust, they should all perform the same or similar functions; avoid probate, reduce or eliminate estate taxes, offer privacy, control distribution of assets, and provide disability or special needs planning, without regard to its title.
With this one narrow exception, the name of the Trust does not have a significant meaning to anyone but you.
Some general guidelines include if you want to leave all of your assets to your family, you can use the term Family Trust.
Conversely, a Living Trust can sometimes signify that the assets may be distributed to a larger number of beneficiaries, including foundations, scholarship funds, and charities, but this option does not exclude family members from being beneficiaries.
Past clients have been real creative with naming their trusts, including longitude/latitude coordinates of their honeymoon or dream vacation, latin phrases, funny phrases, or real short and sweet first names only, as well. It is up to you and how you want people to refer to your trust. If you leave it to me, I go with the family last name_trust. Not real creative, but that’s my comfort zone.
So, unlike the vast difference between a Living Will and a Will, the difference between a Living Trust and a Family Trust is only what you want it to be.
Contact Justin Jeppesen today at 208-562-4900 to get started with your Family Trust or Living Trust. Or, schedule your own complimentary consultation here: https://calendly.com/idahoestateplanning