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Should I Name the Living Trust After Myself or a Family Member? It is most common to include at least the last name of a person putting their property into the trust in the trust's name. It is, after all, that person's property.

Generally, a successor trustee cannot change or amend a trust. Most trusts are initially managed by their creator or original trustee, while they are still alive and competent. But after their passing, a successor trustee must step in to take legal title to assets and administer the trust according to its terms.

Assets that should not be used to fund your living trust include:Qualified retirement accounts 401ks, IRAs, 403(b)s, qualified annuities.Health saving accounts (HSAs)Medical saving accounts (MSAs)Uniform Transfers to Minors (UTMAs)Uniform Gifts to Minors (UGMAs)Life insurance.Motor vehicles.

Another downside of living trusts is that transferring assets can be both time-consuming and complicated. If you hold a variety of assets, you'll need to contact your different banks and agents to have everything you own moved over -- a process that could involve a fair amount of paperwork.

You will need to have signatures notarized. For non-family members, you may need to include an additional document granting them ownership, such as proof of gift or a bill of sale.

You may consult an attorney to prepare the amendment for you, or you can do it yourself.Create an amendment to your trust.Add any other changes you wish to make to your trust.Bring the amendment to a public notary.Attach the signed, notarized amendment to the trust document.

Once your mortgage loan closes and the trust deed is signed, you cannot simply add another person as a borrower. You need to refinance the loan to accomplish this. Talk to the other person about his current financial situation.