How to pick a name for your Trust
You can name your Trust
whatever you want to. Whilst you may want to give it your family name, this perhaps isn’t the wisest decision in terms of asset protection.
By using your family name, in the event creditors are looking for assets related to you, they’ll easily find it.
You could decide to use your mother’s maiden name or another name that has significance to you. Or you could opt for the name of an old family pet. The choice is yours.
Examples of Trust names include the McDonald Family Trust or the Samuel Family Trust.
The choice of name is really up to you. And if you decide, you can change the name of your Trust in the future as long as the Trust deed allows for this.
How to register your Trust
You don’t go to the Registrar of Companies to register your Trust. Instead you register your Trust at the Master of the High Court.
This means you can give your Trust any name you wish as it doesn’t matter if there’s a business or company already in that name.
You could have ten Trusts in the same name if you wanted to. This is because the Master’s office assigns your Trust a registration number. This number is unique.
The number starts with the prefix ‘IT’. This stands for Inter Vivos Trust. Following this is the number assigned by the Master’s office, then the year you registered the Trust.
For example, your Trust’s registration number could be IT 6540/15. This tells you the Trust was the 6,540th Inter Vivos Trust registered at the Master’s office in 2015.
If you decide to change the name of the Trust at any time, the Trust number won’t change, nor will the beneficiaries.
So there you have it. How to name and register your Trust.
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