It’s All About the Benjamins: What to do With Bank Accounts During a Trust Administration

After a friend or loved one passes, you may be next in line to serve as trustee of his trust. This means that many new responsibilities and obligations lay before you. One of your first orders of business should be to take control of the trust’s bank accounts. Ideally, the accounts have already been set up, making your job easier. You may only need to update some information at the bank. However, in some cases, a bank account was never established. If this is the case, you will need to open a new account in the name of the trust.

5 Types of Information to Present to the Bank

To understand where best to begin, it is important to consult with your estate administration attorney. He will guide you through the process of taking control over the trust’s bank accounts. In general, however, be prepared to present the following information to the bank:

  1. A copy of the death certificate of the creator of the trust.
  2. A copy of the trust.
  3. A copy of the trustee acceptance appointing you as the successor trustee.
  4. The federal identification number for the trust.
  5. Your contact information.

If you need to open up a new bank account in the name of the trust, you generally have discretion to choose whichever local institution you prefer—a bank in Anaheim or some other convenient location in Orange County. This is true unless the terms of the trust specifically dictate where the assets should be kept.

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