DOCUMENTS NEEDED TO OPEN COMMON LAW TRUST ACCOUNT

AT BANK
CERTIFICATION OF TRUST
DECLARATION OF TRUST
AGREEMENT OF TRUST
APPOINTMENT OF TRUSTEE / BENEFICIARIES
REVOACABLE EIN CP575 EIN Confirmation Letter
(OPTIONAL BANKING RESOLUTION)

Checking Account vs. Trust

The checking account itself is not a trust. A trust is a legal agreement under which
a trustee manages assets provided by the grantor for trust beneficiaries. The
checking account for a trust just holds trust assets.

The trustee uses the checking account to pay for various expenses he might incur
in managing the trust, and according to the terms of the trust, distributes assets
from the checking account to the beneficiaries. The trust checking account must be
kept separate from any of the trustee's own accounts to ensure that trust money is
kept separate from the trustee's personal funds.

Requirements to Open Trust Account

Requirements for opening a trust come from the trust itself and the bank at which
you'll be opening the account. Check the trust and talk to the bank ahead of time so
that you can bring all of the required documents with you the first time.
Requirements from Trust. Prior to opening an account, the trustee should first
review the trust itself and follow any applicable instructions such as terms that
require a certain bank or set up with a specific amount of trust money.
Limits on Who Can Open. Only the grantor (in the case of a living trust) or the
trustee (if the grantor has passed away) can open a checking account on behalf of
the trust. (THIS DOES NOT APPLY TO TRUST IN THIS BOOK)
Documents Required. The trustee will need the trust agreement, called a
Certification of Trust, which is a document that summarizes the trust or contains
trust agreement excerpts and proves the trust has been created, to set up an
account.
The trustee will also need to provide the bank with personal identification to show
that he is, in fact, the trustee. Requirements vary by bank but generally he will
need to provide at least two valid forms of identification. Check with the bank to
determine which additional documents it may require to set up a trust account. You
should also determine what is the minimum opening deposit as well as the
minimum balance requirements and fees.

Also, banks will often expect a copy of the Internal Revenue Service (IRS)
Request for Employer Identification Number (Form SS4). You can apply for a tax
identification number with the IRS online.
Account Records
After you have set up the account, keep the checking account documentation with
the original trust agreement. The grantor or trustee should also add the account
information, including the bank name and account number, to the trust's asset list.
Alternative Option
If you are the grantor under a trust, you can convert an existing checking account
to a trust account as part of your living trust. You will need to bring your
Certification of Trust and or the trust agreement itself. The bank will have you
complete a new signature card for the account, and the account will be held in your
name "as trustee," for the trust. The bank will also require a tax identification
number for the trust. Generally, in the case of a living trust, this will consist of
your social security number.
Trusts are often just one piece of a comprehensive estate plan, a legal service
provider or estate planning attorney can help you develop your estate plan.