What you need to open a living trust bank account

A bank account held in the name of your living trust works like any other account, except the trust — not you personally — is the legal owner. When you open one, the bank needs to see the trust document itself, your personal ID, and a Employer Identification Number (EIN) for the trust. Some banks will also ask for a certification or abstract of the trust, which is a shorter document that proves the trust exists without revealing all its details.

The process is straightforward: you bring these documents to the bank, fill out an account application that names the trust as the account holder, and fund the account. The account will be titled something like "Jane Smith, Trustee of the Jane Smith Living Trust dated January 15, 2024" or simply "Jane Smith Living Trust." Money in the account belongs to the trust, not to you personally, which means it bypasses probate when you die and goes directly to whoever you named as beneficiary in the trust document.

Timing varies by bank. Some complete the process in one visit; others take a few business days to verify the trust documents and issue the account number. You can usually fund the account immediately with a check, wire transfer, or cash, or set up a transfer from an existing account.

Key Takeaways

  • You will need the original or certified copy of your living trust, a government-issued ID, and an EIN for the trust to open the account.
  • The bank will title the account in the trust's name, not your personal name, so money in it passes to beneficiaries outside of probate.
  • Some banks accept a trust certification or abstract instead of the full trust document for privacy reasons.
  • You can fund the account immediately after opening it using a check, wire, or transfer from another account.
  • Not all banks handle trust accounts the same way, so call ahead to confirm what documents your bank requires and whether they charge a fee.

Getting an EIN for your living trust

Your living trust needs its own Employer Identification Number (EIN) — a nine-digit number issued by the IRS — to open a bank account. This is different from your Social Security number and identifies the trust as a separate entity for tax purposes. You do not need an EIN if the trust is revocable (which most living trusts are) and you are the only trustee and beneficiary during your lifetime, but banks often require one anyway to set up the account.

You can obtain an EIN for free by calling the IRS at 1-800-829-4933 or applying online through the IRS website. The online application takes about 15 minutes and you receive the number immediately. If you call, the IRS issues the number on the phone and mails confirmation. You will need the trust document or a copy of the first page showing the trust name and date.

Some banks will open the account without an EIN if you provide your Social Security number instead, but this is less common. Ask your bank what they require before you apply for the EIN, since not every bank needs one.

Documents the bank will ask for

Banks vary in what they require, but most ask for the same core set of papers. Bring your government-issued photo ID (driver's license, passport, or state ID card), the original or certified copy of your living trust document, and the EIN letter from the IRS. Some banks will photocopy these; others will scan them. A few banks will accept a trust certification — a one-page document signed by you as trustee stating that the trust exists and naming you as trustee — instead of the full trust document.

If you do not have a certified copy of the trust, ask the bank whether they will accept the original. Many will. If the bank requires a certified copy and you do not have one, you can contact the attorney who drafted the trust or a notary public to create one. A notary can certify that a copy matches the original for a fee of $5 to $15 per page.

Some banks also ask for a recent utility bill or other proof of address. Bring whatever address documentation you have with you, just in case. If you are opening the account remotely by mail or video, the bank will tell you exactly what to send and in what format.

Funding the account and setting up transfers

Once the account is open, you can deposit money immediately. You can bring cash or a check to a branch, mail a check to the bank's address, or set up an electronic transfer from another account you own. If you are transferring money from an existing personal account, the bank can usually complete this on the same day or within one business day.

If you are moving a large sum or setting up regular deposits, ask the bank about wire transfers and automatic transfers. Wire transfers are faster (usually same-day) but cost $15 to $30 per transfer. Automatic transfers from another account are free and take one to two business days. You can also deposit checks remotely using mobile deposit if your bank offers it.

Some people open a trust account and leave it empty, then transfer money into it later as part of their estate plan. Others fund it right away. There is no rule about timing — it depends on your situation and when you want assets in the trust.

Differences between trust accounts and personal accounts

A trust account functions like a regular checking or savings account in most ways: you can deposit and withdraw money, write checks, use a debit card, and earn interest. The main difference is ownership. The trust owns the money, not you, which means it does not become part of your personal estate when you die. Instead, it goes to whoever you named as beneficiary in the trust document, without going through probate court.

Some banks charge a higher monthly fee for trust accounts than for personal accounts, or they may not offer certain features like overdraft protection. A few banks do not offer trust accounts at all. Call ahead to ask whether your bank charges extra and what features are available. If the fee is too high, you can shop around — different banks have different policies.

You can have both a personal account and a trust account at the same bank. Many people do this: they keep everyday money in a personal account and move assets into the trust account as part of their estate planning.

What happens to the account after you die

When you die, the person you named as successor trustee in the trust document takes over. They have the authority to access the account, pay any debts or taxes the trust owes, and distribute the remaining money to the beneficiaries you named. The account does not freeze or require probate court approval — the successor trustee can act based on the trust document alone.

The successor trustee will need to show the bank a copy of the trust document and proof of your death (the death certificate) to gain access. Some banks also require a letter from an attorney confirming the successor trustee's authority, though many do not. The process usually takes a few weeks, depending on how quickly the successor trustee gathers the documents and how quickly the bank processes them.

If you did not name a successor trustee, or if that person is unable or unwilling to serve, the trust document usually names an alternate. If no one is named, a probate court will appoint someone. This is why naming a successor trustee is important — it keeps the account out of court and moving smoothly.

Common mistakes to avoid

The most common mistake is titling the account in your personal name instead of the trust's name. If you do this, the money will still go through probate when you die, defeating the purpose of the trust. Double-check the account title before you sign the paperwork. It should include the word "trust" and the date the trust was created.

Another mistake is forgetting to fund the account. A trust only protects assets that are actually in it. If you create a trust account but never move money into it, the trust has nothing to pass on. Review your estate plan with an attorney or financial advisor to make sure you have moved the right assets into the trust.

A third mistake is not updating the account if you change trustees or beneficiaries. If you amend your trust document, tell the bank about the change. Some banks do not need to update anything; others require new paperwork. A quick call to your bank's trust department will clarify what they need.

Frequently Asked Questions

Can I use my Social Security number instead of getting an EIN?

Some banks will accept your Social Security number in place of an EIN, but most prefer the EIN because it separates the trust's finances from your personal taxes. Getting an EIN is free and takes 15 minutes online, so most people do it. Ask your bank what they require before you apply.

Do I need a lawyer to open a trust account?

No. If you already have a trust document, you can open the account yourself by bringing the documents to the bank. A lawyer is only necessary if you need to create the trust document in the first place or if you need help amending it.

Can I write checks from a trust account?

Yes. Checks will be drawn on the trust account and should be signed by you as trustee. The check should be titled with the trust name. Some banks require you to order checks through them; others let you order from a third party. Ask when you open the account.

What if the bank says they do not offer trust accounts?

Not all banks handle trust accounts, especially smaller community banks. If your bank declines, ask them to refer you to a bank that does, or call a few other banks in your area to find one that offers them. Credit unions sometimes offer trust accounts too.

Can I have a joint trust account with another person?

Yes, if the other person is also a trustee of the trust. The account would be titled with both names and the trust. Both trustees can usually access and withdraw money. Make sure your trust document is clear about whether both trustees must sign checks or whether either one can act alone.