Today I’ll shed some light on an aspect of land trust that may seem so simple, it’s often overlooked. The naming of a land trust shouldn’t take much time, but it should be done with some care.
The main thing to consider when naming your trust should be maintaining privacy. Below are some naming tips for anyone considering a land trust. Start with our guide (What Is A Land Trust?), then follow these do’s and don’ts to keep the anonymity of your land trust intact.
Think Like the Opposition
It’s human nature to dislike thinking about potential fraudsters or angry ex-business partners or even worse, ex-spouses. After all, if you go about your business and personal life with integrity, nobody should ever be out to get you right?
Unfortunately, simply looking like you have wealth or something of value to go after my be reason enough for someone to target you. This is why you don’t want your name or any other personal information revealed in the naming of your land trust.
One of the main attractions of a land trust is that it’s a vehicle for anonymous property ownership and purchases. Listing your name as your land trust name can jeopardize that privacy. You risk having your name show up online or in records connected to your property. You make yourself an easier and a desirable target since you’re now linked to something of value, which is your property.
Creative Trust Names Are Best
There’s no need to form some crazy system of code names. However, being lazy and simply naming your land trust as your full legal name can backfire. Don’t be afraid to be creative with naming your land trust. For instance, you can name your land trust to sound like a vague fictional company, unrelated to anything in your personal or professional life.
Don’t Rely on a Lazy Advisor
Sadly, some advisors by default will recommend that you name your land trust as your full legal name or address. A busy advisor may not have the time or creativity to invest in this seemingly small detail.
Take control of this component of setting up your land trust. First, brainstorm a handful of names. Then, look through your list and ask yourself if any of those name reveal anything that could jeopardize your privacy or make you stand out as an attractive target. Your land trust name should pass this test, before it’s listed on your trust documents.
Set up Your Land Trust
The do’s and don’ts of naming your land trust boil down to maintaining privacy and thinking ahead. Our legal team can assist you with the nitty gritty details of naming your trust, land trust basics, and your larger estate planning and asset protection goals. Contact us today for a consultation.