Trust definition is - assured reliance on the character, ability, strength, or truth of someone or something. A trust is a legal vehicle that allows a third party, a trustee, to hold and direct assets in a trust fund on behalf of a beneficiary. Here are some of the main features of a trust: Ask the lawyer to take care of changing the name on all assets in the trust that have titles, such as bank accounts, securities and real estate, because the name on the assets must match the name on the trust in most states. John is the sole trustee and his brother, James, is the successor trustee. Baby names with negative meanings used to be a no-no, but now many parents want to arm their children for a difficult world by choosing a name that means trouble, or danger, or aggression. A testamentary trust, often called a will trust, is an agreement made for the benefit of a beneficiary once the trustor has died, and details how the assets must be endowed after their death. It used to be the accepted practice that your family name should be a part of the name of your living trust. A trust account is a legal arrangement through which funds or assets are held by a third party (the trustee) for the benefit of another party (the beneficiary). Answer: The words translated “trust” in the Bible literally mean “a bold, confident, sure security or action based on that security.”. The name allows the trust's owner to identify the trust as the owner on property transfer papers, other legal documents and financial accounts. There’s no need to form some crazy system of code names. The date of the trust. Go to the lawyer that originally handled setting up the revocable trust to have them draw up the papers to make the name change. Rather, trusting is what we do because of the faith we have been given. Creative Trust Names Are Best. A living trust needs a name because the trust is the owner of all the assets placed into it. Trust property refers to assets that have been placed into a fiduciary relationship between a trustor and trustee for a designated beneficiary. The name of the trust. Here's how to title property transferred to a trust - Let's assume that John Doe created a revocable living trust on December 2, 2008 for the benefit of his daughter, Mary. The creator of the trust is known as a grantor or settlor. Some philosophers would say that trust is a propositional attitude, an abstract relation between an abstract self and an abstract meaning of the sentence. However, being lazy and simply naming your land trust as your full legal name (or even worse, your property address) can backfire. And you might argue the negative meanings concealed inside otherwise-lovely classic names… All assets held by the Trust would be titled in that name. Advantages & Disadvantages of Putting a House in a Trust. But the nature of … People often assume that only advantages -- and no downsides -- come with placing their homes in a living trust… So John Black would have the John Black Living Trust. Trust is not exactly the same as faith, which is the gift of God (Ephesians 2:8-9). Living trusts are commonly named after the owners. Don’t be afraid to be creative with naming your land trust. The beneficiary may be an individual or a group. How to use trust in a sentence. Write down the names of the trust owners, or trustors. There is a certain charm about modern names like Maverick and Rebel that come prepackaged with a badass image.