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An individual trustee is simply a natural person or persons acting jointly who hold the legal title to the trust's assets. Likewise, they hold these assets for the benefit of the beneficiaries. The trustee is responsible for carrying out their duties under the trust deed.

But, the name of the trust is what we're going to focus on in this article as it's a critical aspect. Short and Effective. ... Be Careful About Confidentiality. ... Keep It Separate From Your Business. ... Check the Name Is Legal. ... Put Family Into the Name. ... Proofread Spelling.

Legally, you can appoint yourself as the Trustee of any trust you create, whether it is a revocable or irrevocable trust. Appointing yourself as the Trustee of an irrevocable trust in which you are also the Settlor, however, would almost always defeat the purpose of making the trust irrevocable.

A simple example would be the situation in which one member of a family advances money to another and asks the second member to hold the money or to invest it for him. A more complicated example of an implied trust would be the situation in which one party provides money to another for the purchase of property.

Most trusts are named after the Trust Creators and also include the date the trust was created. Examples are ?John and Jane Smith Revocable Trust dated 1/1/20?; or ?Smith Family Trust dated 1/1/20?; or ?John W. Smith and Jane A. Smith Revocable Family Trust dated 1/1/20?.

It's important to note that no law determines how to name a trust, the person that creates the trust has the power to call what they would like.

Naming Yourself as Trustee It is quite common to name yourself as trustee. The primary reason for doing this is that it allows you to retain greater control over the assets of the trust during your lifetime, especially if you continue to use or enjoy the assets (e.g. you will continue to live in your home).