What makes a trust legal

Not sure which one is right for you? A trust needs its own checking account so the trustee can what makes a trust legal the trust’s funds, bills and payments to beneficiaries. Because the money belongs to the trust and not the trustee, the trustee uses a separate checking account to keep trust money from mixing with his personal funds.

A trust checking account also makes the trust’s financial activities easier to follow and document. Look for rules regarding creating trust checking accounts. Note the requirements, such as using a specific bank, if any. Follow the trust requirements if the agreement has rules for checking accounts.

Ask if the bank provides trust checking accounts. Ask for a list of the documents required to open the account, the minimum opening deposit amount and a fee schedule. Compare fee schedules when selecting a bank. Step 3Gather the required documents and the opening deposit amount. Documentation varies by bank, but you commonly need at least two valid forms of identification — for example, state identification or a U. Locate any income tax papers you have regarding the trust, if any. Step 4Visit the bank in person to open the account.