Full question:
Does the name of the trust have to be that of the grantor of the trust or can the name of the trust be that of the beneficiary of the trust? Also, if there is a spendthrift provision in the trust, does the name of the trust have to include the word spendthrift?
- Category: Trusts
- Date:
- State: Michigan
Answer:
The name of a trust can be based on the beneficiary's name. There is no requirement for the trust name to include the grantor's name. Additionally, a spendthrift trust must have a specific clause that restricts the beneficiary's ability to transfer their interest, but it does not need to include the word 'spendthrift' in its title.
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