George Tillerson has years of experience with many different real estate trusts. Naming a trust is a process that many people don’t fully understand. Doing it improperly could result in some financial challenges. As a result, George Tillerson recently discussed the best ways to name a trust by sticking to simple concepts.

A trust is an essential element of many people’s lives and helps to handle various economic factors. However, George Tillerson understands that some people don’t always know how to name their trust. This factor may not seem that important at first, but George Tillerson states that it is surprisingly critical to get the name right to avoid any complications.

There are essential elements that George Tillerson believes must be taken into account when naming a trust. First of all, a trust can be named in a way that makes it formally identifiable and easy to understand. As a result, George Tillerson suggests a straightforward name, one that is impossible to mistake and immediately recognizable as belonging to a person or family.

For instance, if the trust owner is named John Doe, the name “The John Doe Living Trust” is a simple to understand name that lets people know exactly what to expect. George Tillerson has also seen some people use terms like “The Doe Family Living Trust,” which is perfectly acceptable. However, the name of the trust must also be congruent with the trustee who has the authority to act for the Trust.

However, George Tillerson believes investors have another thought process when naming their Trust. Investors many times are not concerned with holding properties a long period of time. Their interest is to renovate and return the property to the market for sale.

These investors George Tillerson says are more interested in moving to the next property, the next deal!

Many investors will use simple names for their Trusts. If they are purchasing a property to renovate or to occupy the investor may just use the address as: The 1128 Green Street Trust or to make it very simple: The 1128 Trust. This way the property one accumulates if not sold is held by different Trusts. However,  Trustee and the  Beneficiary can be the same for all of the Trusts.

As a result, George Tillerson suggests for investors and non- investors to have a simple trust name, which makes sense and is not too long. Owners may want a name like “The John Doe Capital City and College Education Trust Fund,” which is a valid but confusing name. If George Tillerson were naming this trust, he would cut it back to something like “The Capital City Trust”. The rest of the information is superfluous.

In essence, a good trust name should be something that tells the story of the trust without bogging it down with too much information. George Tillerson also suggests researching other trusts to make sure that they don’t have similar names – while the paperwork will protect against impropriety, the confusion can be annoying and frustrating.