Trust account

2 Oct 2024 · 1 min

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In this instructional video, the speaker walks viewers through the complete process of establishing a revocable trust bank account. First, they emphasize that a revocable trust must already exist, recommending consultation with an estate‑planning attorney or the presenter’s MyAdvocate service if one is not in place. Once the trust is created, the speaker advises confirming that the chosen bank permits trust accounts, noting that most major banks do but urging verification of specific requirements. Any trustee named in the trust can open the account; the presenter suggests an in‑person visit for first‑time users. Essential documents include a certificate or certification of trust and two forms of personal identification, and the bank will require its own account‑opening paperwork. After completing these steps, the new account will be titled with the trustee’s name followed by “trustee of the living trust,” effectively linking the account to the revocable trust and enabling funding of the trust’s assets.

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 if you haven't done it before, I 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. 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.