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    Open Trust Bank Account

    Uploaded by

    Tenisha Stanley
    The document outlines the key documents and information needed to open a common law trust bank account, including a Certification of Trust, Declaration of Trust, Agreement of Trust, and Appointment of Trustee/Beneficiaries documents. It also discusses the difference between a trust account and a personal checking account, noting that a trust account holds assets for beneficiaries according to the trust terms. Finally, it lists the documentation a trustee typically needs to provide a bank, such as a Certification of Trust and trustee identification, to set up the account.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Open Trust Bank Account

    Uploaded by

    Tenisha Stanley
    1K views2 pages
    The document outlines the key documents and information needed to open a common law trust bank account, including a Certification of Trust, Declaration of Trust, Agreement of Trust, and Appointment of Trustee/Beneficiaries documents. It also discusses the difference between a trust account and a personal checking account, noting that a trust account holds assets for beneficiaries according to the trust terms. Finally, it lists the documentation a trustee typically needs to provide a bank, such as a Certification of Trust and trustee identification, to set up the account.

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    Detailed instructions on how to open a trust bank account.

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    The document outlines the key documents and information needed to open a common law trust bank account, including a Certification of Trust, Declaration of Trust, Agreement of Trust, and Appointment of Trustee/Beneficiaries documents. It also discusses the difference between a trust account and a personal checking account, noting that a trust account holds assets for beneficiaries according to the trust terms. Finally, it lists the documentation a trustee typically needs to provide a bank, such as a Certification of Trust and trustee identification, to set up the account.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    1K views2 pages

    Open Trust Bank Account

    Uploaded by

    Tenisha Stanley
    The document outlines the key documents and information needed to open a common law trust bank account, including a Certification of Trust, Declaration of Trust, Agreement of Trust, and Appointment of Trustee/Beneficiaries documents. It also discusses the difference between a trust account and a personal checking account, noting that a trust account holds assets for beneficiaries according to the trust terms. Finally, it lists the documentation a trustee typically needs to provide a bank, such as a Certification of Trust and trustee identification, to set up the account.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    DOCUMENTS NEEDED TO OPEN COMMON LAW TRUST ACCOUNT

    AT BANK
    CERTIFICATION OF TRUST
    DECLARATION OF TRUST
    AGREEMENT OF TRUST
    APPOINTMENT OF TRUSTEE / BENEFICIARIES
    REVOACABLE EIN CP575 EIN Confirmation Letter
    (OPTIONAL BANKING RESOLUTION)

    Checking Account vs. Trust


    The checking account itself is not a trust. A trust is a legal agreement under which
    a trustee manages assets provided by the grantor for trust beneficiaries. The
    checking account for a trust just holds trust assets.

    The trustee uses the checking account to pay for various expenses he might incur
    in managing the trust, and according to the terms of the trust, distributes assets
    from the checking account to the beneficiaries. The trust checking account must be
    kept separate from any of the trustee's own accounts to ensure that trust money is
    kept separate from the trustee's personal funds.

    Requirements to Open Trust Account


    Requirements for opening a trust come from the trust itself and the bank at which
    you'll be opening the account. Check the trust and talk to the bank ahead of time so
    that you can bring all of the required documents with you the first time.
    Requirements from Trust. Prior to opening an account, the trustee should first
    review the trust itself and follow any applicable instructions such as terms that
    require a certain bank or set up with a specific amount of trust money.
    Limits on Who Can Open. Only the grantor (in the case of a living trust) or the
    trustee (if the grantor has passed away) can open a checking account on behalf of
    the trust. (THIS DOES NOT APPLY TO TRUST IN THIS BOOK)
    Documents Required. The trustee will need the trust agreement, called a
    Certification of Trust, which is a document that summarizes the trust or contains
    trust agreement excerpts and proves the trust has been created, to set up an
    account.
    The trustee will also need to provide the bank with personal identification to show
    that he is, in fact, the trustee. Requirements vary by bank but generally he will
    need to provide at least two valid forms of identification. Check with the bank to
    determine which additional documents it may require to set up a trust account. You
    should also determine what is the minimum opening deposit as well as the
    minimum balance requirements and fees.

    Also, banks will often expect a copy of the Internal Revenue Service (IRS)
    Request for Employer Identification Number (Form SS4). You can apply for a tax
    identification number with the IRS online.
    Account Records
    After you have set up the account, keep the checking account documentation with
    the original trust agreement. The grantor or trustee should also add the account
    information, including the bank name and account number, to the trust's asset list.
    Alternative Option
    If you are the grantor under a trust, you can convert an existing checking account
    to a trust account as part of your living trust. You will need to bring your
    Certification of Trust and or the trust agreement itself. The bank will have you
    complete a new signature card for the account, and the account will be held in your
    name "as trustee," for the trust. The bank will also require a tax identification
    number for the trust. Generally, in the case of a living trust, this will consist of
    your social security number.
    Trusts are often just one piece of a comprehensive estate plan, a legal service
    provider or estate planning attorney can help you develop your estate plan.

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