Your estate plan isnt finished yet just because youve created a revocable living trust to plan for mental disability and to avoid probate at the time of your death you have to fund your trust after its set up funding requires a change of title to put assets into the trusts ownership. Technically you could name it anything but it is better to use a relevant name like the john smith revocable trust even if there are 1 million smith trusts out there they will not name the same trustee as you the trust will not have the same date and most important their trust will not have the same tax id which will be your social security number unless you need a unique one in which . According to the fdic each named beneficiary in a living revocable trust adds an additional 250000 in protection when 5 beneficiaries are added the total trust protection maxes out at 1250000. A living trust needs a name because the trust is the owner of all the assets placed into it the name allows the trusts owner to identify the trust as the owner on property transfer papers other legal documents and financial accounts write down the names of the trust owners or trustors living trusts are commonly named after the owners. A revocable living trust is a written agreement designating someone to be responsible for managing your property its called a living trust because its established while youre alive its revocable because as long as youre mentally competent you can change or dissolve the trust at any time at your own discretion for any reason
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