Put Your Bank Account in a Trust

16 Mar 2023 · 1 min

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In this instructional video, the presenter walks viewers through the process of opening a bank account for a revocable living trust. The steps include obtaining a revocable trust—either by consulting an estate‑planning attorney or using the presenter’s MyAdvocate service—then confirming that the chosen bank accepts trust accounts. The presenter advises visiting the bank in person (especially for first‑time users) and bringing a certificate or certification of trust, two forms of identification, and any bank‑specific paperwork. Once the bank verifies the trust documents, the account is opened in the format “Your Name, Trustee of Your Living Trust,” and any funds deposited thereafter are owned by the trust, completing the funding step.

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 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.