Hi
I got a new car this past week (well, a nice used car). The car salesman asked how I wanted my title to read. I told them in the name of my
trust. Putting the trust name on a title for anything requires using all three parts of the trust's name.
1. The name of the trust
2. The date of the trust (what date was it signed?)
3. The trustee's name (technically title is held in
the trustee's name/ownership)
If you don't include all three parts, the title is flawed. This past year I had to do quiet title actions on two properties (a lawsuit filed to clear any cloud on the title when there is a problem that casts doubt on the property description and ownership). On one the title didn't have the date of the trust, and on the other one the trustee's name wasn't
there. Attorneys had prepared both deeds.
When I bought my car, the salesman said there was too much information to fit in the title box, and he didn't want to put it in the name of the trust. So we abbreviated it. (It's a good idea to have the name of your trust be short to begin with.)
The John and Mary Doe Trust
can be the John/Mary Doe TR
If the date is September 22, 2006, it can be written 9/22/06. The designation "Under Agreement: is often used, but doesn't need to be used. It can be abbreviated: U/A 9/22/06
John and Mary Doe Trustees can be Mary Doe TTEE (either party or both parties can act as the trustee under most trust
agreements).
So the John and Mary Doe Living Revocable Trust Dated the 22nd day of September, 2006, Mary Doe Trustee can be abbreviated: John/Mary Doe TR 9/22/06 Mary Doe TTEE. This will probably fit on the title. You still need to have all three elements of the trust's name. If you are desperate, you could probably get away with: J/M Doe TR 9/22/06 M. Doe
TE.
Don't let the salesman talk you out of putting your trust's name on your car title because the box is too small.
Regards,
Lee R. Phillips
P.S. One of the most popular pages
on our website is a comparison of Sole Proprietorship vs LLC, so we just recorded a YouTube video of me explaining it to make it more clear. Check out the updated page here: http://www.legalees.com/the-sole-proprietorship-vs-llc-discussion/
