What you need to open a trust bank account
A trust bank account is opened in the trust's name, not your personal name, and the bank treats it as a separate entity from you. To open one, you will need the trust document itself (usually the original or a certified copy), a Tax Identification Number (EIN) for the trust, and a government-issued ID showing you are an authorized trustee. Some banks also ask for a letter from the trust document stating who has signing authority, though this is not always required.
The EIN is the first step most people miss. You obtain this from the IRS using Form SS-4, either online at irs.gov, by phone, or by mail. If the trust is revocable and the grantor (the person who created the trust) is still living, you may be able to use the grantor's Social Security number instead of getting an EIN—ask the bank which they prefer. If the trust is irrevocable or the grantor has died, an EIN is required.
Bring the trust document, your ID, and the EIN documentation to the bank. Some banks will photocopy the trust document; others ask you to bring a certified copy. Call ahead to ask what form of the trust document they accept, because this varies by institution.
Key Takeaways
- You need the original or certified copy of the trust document, an EIN (or the grantor's Social Security number for revocable trusts), and a government-issued ID to open the account.
- The account is held in the trust's name and is legally separate from your personal accounts, even if you are the trustee.
- Multiple trustees can be listed as signatories, but the bank will set rules about whether all must sign checks or only one is needed.
- The trust's EIN is obtained from the IRS using Form SS-4 and takes minutes to get online or by phone.
- Not all banks offer trust accounts; community banks and credit unions often have simpler processes than large national banks.
Revocable trusts versus irrevocable trusts: what the bank needs to know
A revocable trust is one the grantor can change or cancel during their lifetime. For these, many banks allow you to use the grantor's Social Security number instead of obtaining a separate EIN. However, once the grantor dies, the trust becomes irrevocable, and you must obtain an EIN if you have not already. If you plan to keep the account open after the grantor's death, getting an EIN upfront saves you the step of changing the account later.
An irrevocable trust cannot be changed or canceled by the grantor, and it always requires its own EIN. The bank will treat it as a separate legal entity from day one. This matters because irrevocable trusts have their own tax filing requirements (Form 1041), and the IRS expects the account to be held under the trust's EIN, not the grantor's or trustee's personal number.
When you open the account, tell the bank which type of trust you have. This affects how the bank reports interest income and other account activity to the IRS, and it determines whether the account can be changed to an EIN later or must be closed and reopened.
Naming signatories and setting signing authority
The bank will ask who is authorized to sign checks and withdraw money from the trust account. You can list one trustee, multiple trustees, or a combination of trustees and beneficiaries (though beneficiaries rarely have signing authority). The bank will then ask whether all signatories must sign every check or whether any one signatory can act alone.
Most trust documents specify this already. Read your trust document for language about "joint and several" authority (meaning any trustee can act alone) or "unanimous consent" (meaning all trustees must agree). If the trust is silent, you and the other trustees should decide this before opening the account, because changing it later requires a new signature card and sometimes a letter from all trustees.
If there are multiple trustees and the trust requires all to sign, the bank will slow down transactions because every check needs multiple signatures. Some trustees handle this by designating one trustee as the primary signer for routine bills and requiring all signatures only for large withdrawals or distributions to beneficiaries. Check your trust document to see if this is allowed.
What happens after the grantor dies
When the grantor of a revocable trust dies, the trust becomes irrevocable and the account must be updated. You do not need to close it and open a new one, but you do need to notify the bank that the grantor has died and provide a death certificate. The bank will update the account records to reflect that the trust is now irrevocable.
If you used the grantor's Social Security number instead of an EIN, you must now obtain an EIN for the trust and provide it to the bank. This is a separate step from notifying the bank of the death. The IRS will not issue an EIN for a revocable trust while the grantor is alive, but will issue one immediately after death.
During this transition, the account may be frozen temporarily while the bank processes the death certificate and updates its records. This usually takes three to five business days. If you need to pay bills from the trust during this time, contact the bank to ask whether you can make transfers or write checks while the account is being updated, or whether you should wait until the process is complete.
Tax reporting and annual requirements
A trust bank account generates tax documents that must be reported to the IRS. For revocable trusts during the grantor's lifetime, interest and other income is reported on the grantor's personal tax return (Form 1040), not on a separate trust return. The bank will send a 1099-INT (interest income) or 1099-OID (original issue discount) to the grantor's Social Security number.
Once the grantor dies or if the trust is irrevocable from the start, the trust files its own tax return (Form 1041) using the trust's EIN. The bank will send tax documents to the EIN you provided. As trustee, you are responsible for making sure the trust's tax return is filed each year, even if the trust has no income. A tax professional or CPA familiar with trust accounting can handle this, or you can file it yourself if the trust is simple.
The bank does not file the trust tax return for you—that is your responsibility as trustee. However, the bank will provide the necessary documents (1099s, statements) to help you or your tax preparer complete the return.
Which banks offer trust accounts and what to expect
Most banks offer trust accounts, but the process and requirements vary. Large national banks like Chase, Bank of America, and Wells Fargo have trust departments and formal procedures, which can mean longer wait times and more documentation. Community banks and credit unions often have simpler processes and may be more flexible about what form of trust document they accept.
Some banks charge a monthly fee for trust accounts (typically $10 to $25), while others waive the fee if you maintain a minimum balance. A few banks do not offer trust accounts at all, particularly very small credit unions or online-only banks. Call ahead or check the bank's website before you go in, because this saves a wasted trip.
If you have a relationship with a bank already—a personal checking account, a mortgage, or a business account—start there. The bank already has your ID on file and may move faster. If you are opening a trust account at a new bank, expect the process to take one to two weeks from the time you walk in to the time the account is funded and ready to use.
Common mistakes to avoid when setting up a trust account
The most common mistake is opening the account in your name as trustee (for example, "John Smith, Trustee of the Smith Family Trust") instead of in the trust's name alone ("Smith Family Trust"). This defeats the purpose of the trust and can create legal and tax problems. The account must be titled in the trust's name, with your role as trustee noted separately on the signature card.
Another mistake is not obtaining an EIN before opening the account, then having to update the account later. If you are unsure whether you need an EIN, call the IRS at 1-800-829-4933 or use the online EIN application at irs.gov. It takes five minutes and saves you from reopening the account.
A third mistake is not reading the trust document before you go to the bank. If the trust specifies that two trustees must sign all checks, but you tell the bank that either trustee can sign alone, you have created a legal problem. The bank will follow what you told them, not what the trust says. Read the relevant sections of your trust document first, or bring it with you and ask the bank to help you identify the signing authority clause.
Frequently Asked Questions
Can I use my personal Social Security number instead of getting an EIN?
Only if the trust is revocable and the grantor is still alive. Once the grantor dies or if the trust is irrevocable, you must obtain an EIN. Even for revocable trusts, getting an EIN upfront is simpler than changing it later, so most trustees do it regardless.
What if I lose the trust document or only have a copy?
Call your estate planning attorney or the person who drafted the trust and ask for a certified copy. The bank will usually accept a certified copy in place of the original. If you cannot locate the attorney, contact the probate court in the county where the trust was created—they may have a copy on file if the trust has been through probate.
Do I need a separate account for each trust?
Yes. Each trust is a separate legal entity and must have its own bank account. If you are trustee of two trusts, you will have two accounts with two separate EINs. Do not commingle funds from different trusts in one account.
What if the bank refuses to open an account because the trust document is too old?
Some banks worry that very old trust documents may have been amended or revoked. Ask the bank what specific concern they have, then provide a letter from your attorney confirming the trust is still valid and in effect. If the bank still refuses, try a different bank—this is not a legal requirement, just a bank policy.
Can a beneficiary access the trust account?
Only if the trust document and the bank's signature card authorize it. Typically, only trustees have signing authority. If a beneficiary needs access, the trustee must request it from the bank and provide documentation that the trust allows it.