Why Does the Name of a Trust Matter?

Why Does the Name of a Trust Matter?

As an estate planning attorney, a large percentage of my practice is devoted to creating trusts for my clients.  Normally, the name of the trust would be the name of the client along with the date of the trust.  For example, my trust reads the “Robert A. Feisee Living  Trust dated January 1, 2002”.  I think that we are missing an opportunity in passing on more than just a sterile legal document when we pick the name of our trust.

A colleague of mine, John Warnick, Esq., is a visionary in this field who has really made me rethink the way I work with my clients. I went to a conference a few months ago where he explained that naming your trust is a great way to pass on your legacy and values to your beneficiaries.  It makes perfect sense and I am hoping to implement this technique with my clients this year and hopefully long into the future.

Here is my first draft of my new trust name:

“The Feisee Possibility Trust –   This name has been chosen to reflect our family’s heritage and belief that anything is possible if you put your mind to it and you believe in yourself.  My mother and father escaped from Iran and came to this country not knowing the language and less than a $100 to their name. They built successful medical practices through hard work and a belief in themselves.  I was a young boy who had a dream to play in the lacrosse national championship game and I did it.  I had a clear vision of my dream, I practiced every day and I believed in myself. Now I own my own law practice using the same tools that were taught to me by my parents.  Don’t ever lose your faith in yourself or your family.  You can do whatever you put your mind to. The possibilities are endless. . .”

 I think the new name of my trust has a better ring to it than my previous name. I am going to go with that one for now until I think of something better.  How about your trust? Do you like the name?  Do you think you can put more of YOU into that name?