How To Set Up A Bank Trust Account

8 Oct 2022 · 1 min

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In this instructional video, the presenter walks viewers through the process of opening a revocable trust account at a bank. First, you must have a revocable trust, which can be created with an estate‑planning lawyer or via the presenter’s MyAdvocate service. After the trust is established, you need to fund it, and a dedicated trust account is essential for that. The presenter advises confirming that your bank permits trust accounts—most major banks do, but verification is needed. Any trustee named in the trust can open the account; while some banks allow online setup, the presenter recommends visiting the branch for first‑time users. The bank will require proof of the trust, typically a certificate or certification of trust, and two forms of identification. You’ll also need to complete the bank’s own paperwork. Once approved, the account should be titled in the format “Your Name as Trustee of Your Living Trust,” and any money deposited thereafter will be held within the trust.

Chapters

I'm going to tell you how to set up your trust account at the bank. So save this because you'll need it. Step 1, you need a trust. And in this video, I'll talk about a revocable trust. If you don't have a revocable trust, go to see an estate planning lawyer or go to my link for MyAdvocate. When that trust is set up, one of the main things you have to do is fund it. And setting up a trust account is critical to funding. Check with your bank just to make sure that they allow trust accounts. Most of the major banks do allow trust accounts, but check with them just to be sure. A trust account can be created by any of the trustees named in the trust. Some banks allow you to do this online, but if you haven't done it never done it before, I'd suggest just going down to the bank. They're going to want to see some evidence that you have a trust. Within your documents, you should have a certificate or certification of trust. Check with the bank beforehand to see what documents they require. Also, be sure to take two forms of identification with you. The bank will want you to fill out some of their own documentation. And once you've done all that, you'll have a trust account. The title on that account will be your name as trustee of your living trust. Once it's open, any money you have in that account will be in the trust.