What a trust account is and why you might need one
A trust account is a bank account held in the name of a trust rather than in your personal name. The account belongs to the trust itself, and a trustee (often you) manages the money inside it according to the terms written in the trust document. Banks treat trust accounts differently from personal accounts because the money is legally separate from your personal assets.
You might open a trust account to hold money for beneficiaries, to keep assets separate during estate planning, or to manage money for minor children or people who cannot manage their own finances. Some people use trust accounts to avoid probate—the court process that distributes assets after death—or to keep certain assets private.
The process of opening one is straightforward, but it requires more paperwork than a personal account because the bank needs to verify the trust exists and understand who has authority to make decisions.
Key Takeaways
- You will need the original trust document or a certified copy, your personal ID, and the trust's tax identification number (EIN) before you visit the bank.
- The bank will ask you to sign signature cards and may require a resolution or certification proving the trust is valid and you have authority to open the account.
- Different banks have different requirements—some require the full trust document, others accept a certification of trust that omits sensitive details.
- The account will be titled in the trust's name, not your personal name, so checks and transfers will show the trust as the account holder.
- You may need to provide the trust's EIN to the bank and to the IRS, depending on the type of trust and how long it has existed.
Gather the documents the bank will ask for
Before you call or visit a bank, collect the paperwork you will need. The most important document is the trust document itself—either the original or a certified copy. Some banks accept a certification of trust instead, which is a shorter document that confirms the trust exists and names the trustee, without revealing the full contents of the trust (like who the beneficiaries are or how much money is involved). A certification of trust is often easier to provide because it protects privacy.
You will also need your personal government-issued ID—a driver's license or passport. If you are opening the account as trustee, the bank will verify that you are the person named in the trust document. Bring your Social Security number and the trust's Employer Identification Number (EIN), if the trust has one. Not all trusts need an EIN, but revocable living trusts that hold assets during your lifetime often do not, while irrevable trusts and trusts that earn income usually do.
If the trust was created recently or if you are not sure whether it has an EIN, contact the attorney who drafted the trust or check any IRS correspondence the trust has received. If the trust does not have an EIN yet, you can apply for one at the same time you open the account, or the bank may help you do this.
Contact the bank and confirm their trust account requirements
Not all banks handle trust accounts the same way. Call the bank's main number or visit a branch and ask to speak with someone in personal banking or wealth services about opening a trust account. Tell them you have a trust and want to open an account in the trust's name. Ask them specifically what documents they require—some banks have a checklist they can email or mail to you.
Some banks require the full trust document; others accept only a certification of trust. Some require a resolution or certification signed by you stating that you have authority to open the account on behalf of the trust. A few banks require a notarized copy of the trust or certification. If your trust was drafted by an attorney, they can usually provide a certification of trust or help you prepare a resolution quickly.
Ask whether the bank charges a monthly fee for trust accounts—some do, and some do not. Ask whether you can link the trust account to your personal account for transfers, and whether you can set up online banking and bill pay. These details vary by bank and by account type.
Prepare the trust certification or resolution if needed
If the bank asks for a certification of trust or a resolution, you may be able to use a template, or the bank may provide one. A certification of trust is a short document, usually one or two pages, that states the trust exists, names you as trustee, and confirms you have the power to open a bank account. It does not include the beneficiaries' names or the distribution terms—only what the bank needs to know.
If you drafted the trust yourself using online software, the document may already include language you can use for a certification. If an attorney drafted the trust, call their office and ask for a certification of trust. They usually provide this at no extra cost or for a small fee. If you need a notarized version, a notary public can notarize your signature on the certification—you can find notaries at banks, UPS stores, or online services in most areas.
Do not sign the certification or resolution until you are at the bank or have confirmed exactly what the bank needs. Banks sometimes have specific wording or requirements, and signing too early can delay the process.
Visit the bank or complete the application online
Bring all your documents to the bank, or ask whether you can submit them online or by mail. Many banks now allow you to open accounts remotely by uploading documents and signing electronically. If you visit in person, bring the original trust document or certified copy, your ID, the certification of trust or resolution (if required), and any other paperwork the bank requested.
At the bank, you will fill out an account opening form and sign signature cards. The signature card shows who is authorized to sign checks and make withdrawals from the trust account. If you are the sole trustee, you will sign. If there are co-trustees, each one may need to sign, depending on the trust document and the bank's policy. Ask the bank whether both trustees must sign every check or whether either one can act alone.
The bank will verify your identity, confirm the trust document, and may ask questions about the purpose of the account or the source of funds you plan to deposit. This is standard practice to prevent money laundering. Answer honestly and directly. The process usually takes 15 to 30 minutes in person.
Receive your account number and set up access
Once the account is open, the bank will give you an account number and the account will be titled in the trust's name—for example, "John Smith, Trustee of the Smith Family Trust." Checks and statements will show this title. Ask the bank for a letter confirming the account is open in the trust's name; you may need this later if you transfer assets into the account or if you need to prove the account exists to a court or another institution.
Set up online banking and bill pay if you need them. Ask the bank whether you can link the trust account to your personal account for transfers, and whether there are any restrictions on how often you can move money. Some banks limit transfers from trust accounts or require written authorization for large transfers.
If the trust does not yet have an EIN and the bank requires one, ask the bank for help applying for an EIN through the IRS, or apply yourself at irs.gov. You will need the trust's EIN to file tax returns for the trust if it earns income, and some banks will not allow you to deposit checks or receive interest without one.
Understand ongoing requirements and reporting
Once the account is open, you have ongoing responsibilities. If the trust earns income—from interest, dividends, or other sources—you may need to file a tax return for the trust each year. The IRS form is 1041, and it is due by April 15 of the year after the income is earned. Your tax professional or the attorney who drafted the trust can tell you whether this applies to your specific trust.
Keep records of all deposits and withdrawals. The bank will send you monthly or quarterly statements. If you transfer assets into the trust account—such as money from the sale of property or an inheritance—document where the money came from. This protects you if anyone questions the trust's finances later.
If the trust document changes, if a trustee dies or resigns, or if you need to add or remove a co-trustee, contact the bank and provide updated documentation. The bank may ask for a new certification of trust or a court order showing the change. Do not assume the bank will automatically know about changes to the trust—you must notify them.
Frequently Asked Questions
Do I need a separate EIN for my trust account?
Not always. Revocable living trusts that are still in your control during your lifetime often use your personal Social Security number instead of an EIN. Irrevocable trusts, trusts created for someone else, and trusts that earn income usually need an EIN. Ask your tax professional or the attorney who drafted the trust whether yours needs one.
Can I open a trust account online, or do I have to visit a branch?
Many banks now allow remote account opening for trust accounts. You upload the trust document and certification, sign electronically, and the account opens within a few days. Call the bank first to confirm they offer this, because some smaller banks still require an in-person visit.
What happens if I lose the original trust document?
Contact the attorney who drafted the trust and ask for a certified copy. If you drafted it yourself, you may have a copy on your computer or in a safe deposit box. If you cannot locate any copy, you may need to have the trust re-executed (signed again) in front of a notary, or in some cases, a court can issue a certified copy if you file a petition.
Can I use my personal checks from my trust account?
No. Checks from a trust account must be ordered from the bank and will show the trust's name as the account holder. Personal checks from your individual account cannot be used to withdraw from the trust account. Order checks from the bank when you open the account, or ask how to order them online.
What if there are multiple trustees—do we both have to sign checks?
That depends on the trust document and the bank's policy. Some trusts require both trustees to sign; others allow either trustee to act alone. Ask the bank and the attorney who drafted the trust. The bank will ask you to specify this when you open the account, and it will be noted on the signature card.