What you need to open a trust account
A trust account is a bank account held in the name of the trust itself, not in your personal name. The bank treats the trust as the account owner, and you act as the trustee who controls it. To open one, you need the trust document itself, a Tax Identification Number (EIN) for the trust, and proof of your identity as trustee.
Most banks require you to bring the original or certified copy of the trust document to the branch. Some will accept a certification of trust — a shorter document that proves the trust exists and names you as trustee, without revealing the full contents. Ask the bank which they prefer before you go in.
The EIN is a nine-digit number issued by the IRS. If the trust is revocable and you are the only trustee during your lifetime, you may be able to use your Social Security number instead, but this varies by bank and by the type of trust. Irrevocable trusts always need an EIN. You can apply for one online at the IRS website, by phone, or by mail using Form SS-4.
Key Takeaways
- You will need the trust document (or a certification of trust), an EIN or Social Security number, and a government-issued ID to open the account.
- The account is held in the trust's name, not yours personally, so the bank will run a background check on the trust itself.
- Some banks require you to visit a branch in person; others allow you to open the account by mail or video call.
- The trustee's name appears on the account, but the account belongs to the trust and is controlled by whoever holds the trustee role.
Getting an EIN for the trust
If your trust does not already have an EIN, you will need to obtain one before most banks will open an account. The process is free and takes about 15 minutes if you apply by phone, or up to four weeks if you mail Form SS-4 to the IRS.
Call the IRS at 1-800-829-4933 during business hours (Monday through Friday, 7 a.m. to 10 p.m. your local time). Have the trust document in front of you. The IRS will ask for the trust's name, the date it was created, the type of trust, and your name and Social Security number as trustee. They will issue the EIN immediately over the phone and mail you a confirmation letter.
If you apply by mail, send Form SS-4 to the IRS address listed on the form for your state. Include a copy of the first page of the trust document showing the trust's name and creation date. Processing takes two to four weeks, and you can call the IRS to check the status after two weeks.
Which banks accept trust accounts
Most national banks and credit unions will open a trust account, but policies vary. Some require a minimum balance that is higher than their personal checking account minimum. Others charge a monthly fee for trust accounts that they do not charge for personal accounts. A few banks have stopped opening new trust accounts altogether.
Call ahead or check the bank's website before you visit. Ask whether they accept revocable living trusts, irrevocable trusts, or both. Ask about the minimum balance, monthly fees, and whether you can open the account online or by mail, or whether you must visit a branch. Some banks will waive fees if you maintain a certain balance or link the trust account to a personal account you hold.
Credit unions often have lower fees and more flexible policies than large banks, especially if you are already a member. If you do not have a credit union account, you may be able to join one through your employer, your school, or a community organization.
Documents to bring to the bank
Bring the original trust document or a certified copy. If the trust is long or contains private information you do not want the bank to see, ask the bank in advance whether they will accept a certification of trust instead. This is a one- or two-page document signed by you as trustee, stating that the trust exists, when it was created, and that you have authority to open a bank account on its behalf.
Bring your government-issued photo ID — a driver's license, passport, or state ID card. Bring the EIN letter from the IRS or write down the EIN number. If you are opening the account by mail, send copies of these documents, not originals, unless the bank specifically requests originals.
Some banks will also ask for a second form of ID or proof of address. Bring a utility bill, lease, or mortgage statement dated within the last 60 days. If you are opening the account on behalf of someone else (for example, if you are a successor trustee and the original trustee has died), bring a death certificate or court order showing your authority.
What happens during the account opening process
The bank will verify that the trust document is genuine and that you have authority to act as trustee. They will run a background check on the trust name itself, similar to the check they run on personal accounts. This typically takes a few minutes in the branch or a few business days if you apply by mail.
The bank will ask you to sign signature cards or authorize the account online. Some banks require two trustees to sign if the trust names more than one. If you are the sole trustee, only your signature is needed. The bank will issue you a debit card and checks in the trust's name, usually within five to ten business days.
Once the account is open, you can deposit money, write checks, and make transfers in the trust's name. Any income the trust earns — interest, dividends, or other deposits — belongs to the trust and must be reported on the trust's tax return, not your personal return.
Naming successor trustees on the account
The bank account itself does not automatically transfer to a successor trustee when you die or step down. You need to name a successor trustee in the trust document, and that person will need to contact the bank with proof of your death or resignation and a copy of the trust document showing their authority.
Some banks allow you to name a successor on the account during the opening process. Others require the successor to visit the branch in person or provide a notarized certification of trust. Ask the bank what their process is and whether they can add the successor's name to the account now, even if they do not have signing authority yet.
If the successor trustee is not named on the account and you die, the account will be frozen until the successor provides a death certificate and proof of authority. This can take weeks and may delay the trustee's ability to pay bills or distribute assets. Naming the successor in advance prevents this delay.
Tax reporting and ongoing account maintenance
The trust account is reported on the trust's tax return, not on your personal return. If the trust earns income — interest, dividends, or rental payments — the bank will send a 1099 form to the IRS in the trust's name using the EIN. You or your tax preparer will report this on Form 1041, the trust's income tax return.
Keep the account active by making at least one deposit or withdrawal per year, or the bank may close it for inactivity. Some banks have a longer inactivity period — two or three years — so check your account agreement. If the account is closed, the bank will send any remaining balance to your state's unclaimed property program, and you will need to file a claim to recover it.
Review the account statements monthly, just as you would with a personal account. Watch for unauthorized transactions or fees you do not recognize. If you spot a problem, contact the bank immediately. Trust accounts have the same fraud protection as personal accounts, but you must report suspicious activity within 60 days to preserve your rights.
Frequently Asked Questions
Can I use my Social Security number instead of getting an EIN?
It depends on the type of trust and the bank's policy. Revocable living trusts where you are the only trustee during your lifetime can sometimes use your Social Security number. Irrevocable trusts always need an EIN. Ask the bank which they accept before you apply, because some banks will not open an account without an EIN regardless of trust type.
What if the trust document is very old or was created in another state?
Age and location do not matter to the bank. They only need to verify that the trust is valid and that you have authority as trustee. Bring the original document or a certified copy. If you have lost the original, ask the attorney who drafted it for a certified copy, or contact the court in the county where the trust was created.
Do I need to tell the IRS that I opened a trust account?
No. Opening a bank account does not trigger any IRS reporting. However, if the trust earns income, you must report it on the trust's tax return using the EIN. The bank will send income reports directly to the IRS, so make sure the EIN on the account matches the EIN you use on the tax return.
What if I am a successor trustee and the original trustee is still alive?
You cannot open a new account in the trust's name unless you are the current trustee. If the original trustee is alive and able, they must open the account or authorize you in writing to do so. Once you become trustee — either because the original trustee resigns or dies — you can open a new account or take over the existing one by providing proof of your authority to the bank.
Can I have multiple people sign checks on the trust account?
Yes, if the trust document allows it and the bank supports it. Some trusts name co-trustees who must both sign certain documents. Ask the bank whether they allow multiple signatories and whether both signatures are required on every check or only on checks above a certain amount. This is set up when you open the account.