Yup they change name to the new name that uses them. Name change will mess up guild, so exit guild and rejoin after if you are in one.
Its best to remove them from the item and then change the name. Otherwise you can have conflict. I changed all 7 toons names on my account with them. I left a few of them on items, and some would not allow me to remove them from the item. But all that were in deed form worked great.