Trustee Checking Account

A trustee needs to have two checking accounts. One for the trust so the trustee can manage the trust's funds, pay bills and pay beneficiaries. The money in the trust account belongs to the trust not a trustee. Trustees must use a separate checking account to keep trust money from mixing with personal money. A trust checking account also helps track trust finances and documents activities. No one except a trustee named in a trust agreement can open a checking account for a trust.

Words commonly used with this term include:

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm