How to Open a Bank Account for a Pure Trust
- 1). Bring a full copy of your trust with you to the bank. They will need to keep this copy in order for you to open your account. If you bring the original, then they will need to make a copy, but do not give them the original trust document.
- 2). Title your account in the exact name of your trust. A living trust account, for example, is usually titled something like "Frank and Ellen Gifford Trustees for benefit of the Frank and Ellen Gifford Revocable Living Trust dated xx/xx/xxxx."
- 3). Determine whether you will use your Social Security number or a separate number as the tax ID number for the trust. If the trust is to be treated as a separate pass-through entity, then it will use its own tax ID number. You should put your Social Security number on the account form if the trust is a pass-through entity.
- 4). Complete all of the new account paperwork for the trust. This will probably include an additional form or forms for the trust. Be sure to mark the account as a trust account on the new account form. You may also need to specify the type of trust you have.
- 5). Repeat this process for each bank account you have at every bank. You'll need a separate copy of your trust for each bank, although the same copy should suffice for all accounts you have at that bank.
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