How to Open a Bank Account for a Living Trust by Executor

Many people transfer ownership of their assets to living trusts. People use trusts to prevent their estate from going to probate and in some instances creating a trust reduces taxation. People create trusts for their own assets while alive as opposed to estate accounts that executors establish after someone dies. A trust has a trustee who manages the account. Many people list themselves as trustee and appoint a friend, relative or attorney as the successor trustee. The successor trustee handles the trust after the trustee dies and takes on the role of executor. Some people include clauses that enable a successor trustee to take control of the account if they become unwell or lose the mental capacity to handle their own financial affairs.

• 1

  Contact an attorney and ask them to create a living trust for you. Provide the attorney with a comprehensive list of all of your assets, including existing bank accounts. Tell the attorney how to distribute your assets after death. Select a successor trustee. You and the successor trustee must sign the completed trust. Most state's require a public notary to sign the trust along with two witnesses.

• 2

  Contact the Internal Revenue Service. You can call them, visit a local office or go online to the IRS website. Apply for a tax identification number for the trust. You can use your social security number as the TIN on a revocable trust in most states.

• 3

  Go to your bank. Give the new accounts representative a copy of the complete trust document. The bank legal compliance department must review the document to ensure that it complies with state laws. Provide the baker with your government issued identification and social security number. Some banks also require the successor trustee to provide ID at account opening. Sign the signature card and write a check to the name of the trust as your initial deposit. Close your other bank accounts and transfer the proceeds into the trust account. You can open additional accounts under the trust name.