What you need to open a trust account
A trust account is a bank account held in the name of a trust rather than in your personal name. The bank treats the trust itself as the account owner, and the trustee (the person managing the trust) controls the account on the trust's behalf. To open one, you will need the trust document itself, a federal employer identification number (EIN) for the trust, and proof of your identity as the trustee.
The trust document is the legal foundation. The bank will ask to see it—usually the first few pages and the signature page—to confirm the trust exists and to understand who has authority to manage the account. If the trust is brand new and you have not yet obtained an EIN, you can apply for one through the IRS before you visit the bank, or some banks will help you start the process on the spot.
You will also bring a government-issued ID (driver's license or passport) and your Social Security number. Some banks ask for a second form of ID or proof of address, such as a utility bill or lease. Call the bank ahead of time to ask what they specifically require, because requirements vary by institution and by the type of trust.
Key Takeaways
- You will need the original or certified copy of the trust document, an EIN for the trust, and a government-issued ID in your name as trustee.
- The bank account is titled in the trust's name, not your personal name, and you sign documents as trustee rather than as an individual.
- An EIN takes about 15 minutes to obtain online through the IRS, or you can request one by phone or mail if you do not have internet access.
- Different banks have different policies on trust accounts—some charge higher fees, some require minimum balances, and some limit the types of trusts they will accept.
- The trustee's personal credit does not affect the trust account, and the account is separate from the trustee's personal finances for tax and legal purposes.
Getting an EIN for the trust
An EIN (Employer Identification Number) is a nine-digit number the IRS assigns to identify the trust for tax purposes. Even though the trust is not a business, the IRS treats it as a separate tax entity and requires an EIN so the trust can file its own tax return and report income or distributions.
You can obtain an EIN online through the IRS website at no cost. Go to irs.gov, search for "Apply for an EIN," and follow the online application. You will answer questions about the trust, the trustee, and the trust's purpose. The system generates your EIN immediately after you submit the form, and you can print a confirmation letter on the spot. The whole process takes about 15 minutes.
If you do not have internet access or prefer not to apply online, you can call the IRS at 1-800-829-4933 and request an EIN by phone. A representative will ask the same questions and assign you a number during the call. You can also mail Form SS-4 to the IRS, though this method takes several weeks. Bring your EIN confirmation letter (or the number itself) when you go to the bank.
Choosing a bank and scheduling an appointment
Not all banks offer trust accounts, and those that do may have different rules. Some require a minimum balance (often $1,000 to $10,000), some charge monthly maintenance fees, and some will not open accounts for certain types of trusts, such as revocable living trusts or irrevocable trusts. Call ahead and ask whether the bank accepts the type of trust you have and what documents and fees apply.
Larger national banks like Bank of America, Wells Fargo, and Chase typically offer trust accounts, as do many regional and local banks. Credit unions sometimes offer them as well. If you already have a personal account at a bank, starting there may be simpler because the bank already has your information on file, though you will still need to provide the trust document and EIN.
Schedule an appointment with a new accounts representative rather than walking in. This ensures someone with trust account experience is available and that you have time to complete the paperwork without rushing. Bring the trust document, your EIN confirmation, your government-issued ID, and your Social Security number.
What happens during the account opening
At the appointment, the bank representative will review the trust document to confirm it is valid and to identify the trustee and beneficiaries. They will ask you to sign the signature card as trustee—the signature line will read something like "Jane Smith, Trustee of the Smith Family Trust" rather than just your name. This signature authorizes you to conduct transactions on behalf of the trust.
The bank will also ask about the trust's purpose and how the account will be used. This is routine and helps them set up the account correctly. They will provide you with the account number, routing number, and online banking login information. Some banks offer a debit card tied to the trust account; others do not. Ask whether one is available if you think you will need it.
The bank will explain their fees and minimum balance requirements. Trust accounts sometimes cost more than personal accounts because they require additional oversight and documentation. Ask for a fee schedule in writing so you have a record of what you agreed to. The account is usually active within one to three business days, though some banks activate it the same day.
Tax reporting and ongoing requirements
Once the account is open, the trust itself—not you personally—is responsible for reporting any income the account generates. If the trust earns interest, dividends, or other income, the bank will send a Form 1099 to the IRS using the trust's EIN. You (or the trust's tax preparer) will report this income on the trust's tax return, Form 1041, which is filed annually if the trust has income above a certain threshold.
Keep records of all transactions in the trust account, including deposits, withdrawals, and interest earned. These records support the trust's tax return and help you track how trust money is being used. If you are distributing money to beneficiaries, document those distributions as well, because they may affect what the beneficiaries owe in taxes.
If the trust's circumstances change—for example, if a new trustee takes over or if the trust is dissolved—notify the bank in writing. The bank may ask for updated trust documents or a new signature card. Do not assume the bank will know about changes on its own.
Differences between trust accounts and personal accounts
A trust account is legally separate from your personal finances. Money in the trust account belongs to the trust, not to you, even though you control it as trustee. This separation protects trust assets if you face personal creditors or legal judgments—they generally cannot reach money held in the trust's name.
You cannot use the trust account as your personal checking account, and doing so can create legal and tax problems. Deposits and withdrawals should reflect actual trust business: funding the trust, paying trust expenses, or distributing money to beneficiaries. If you need to reimburse yourself for trust expenses you paid out of pocket, document the reimbursement and keep receipts.
The trustee's personal credit score does not affect the trust account. The bank does not run a credit check on you as trustee, and the account does not appear on your personal credit report. However, if you personally may provide a loan or overdraft on the trust account, you become personally liable for that debt.
Common mistakes to avoid
Do not open the account in your personal name and simply label it "trust account." The account must be titled in the trust's name for the legal separation to hold up. If a creditor sues you personally, they may argue that money in an account in your name belongs to you, not the trust.
Do not mix trust money with personal money. Use the trust account only for trust business. If you deposit your paycheck into the trust account or pay personal bills from it, you blur the line between your assets and the trust's assets, which can create tax problems and may expose trust money to your personal creditors.
Do not assume all banks handle trust accounts the same way. Fees, minimum balances, and policies vary widely. Read the fee schedule and account agreement carefully before you sign, and ask questions about anything you do not understand. Some banks charge $15 to $30 per month for trust accounts, while others charge nothing.
Frequently Asked Questions
Do I need a separate bank account for every trust I manage?
Yes. Each trust should have its own account so that money and transactions stay separate. If you manage multiple trusts, each one gets its own EIN and its own bank account. This separation makes tax reporting easier and protects each trust's assets from claims against the others.
Can I use a trust account if the trust is still being created?
You need a signed, valid trust document before the bank will open an account. If the trust is still in draft form, finish and sign it first. Once it is signed and notarized (if required by your state), you can obtain an EIN and open the account. Do not wait until the trust is fully funded to open the account.
What if the trust document is very old or from another state?
The bank will still accept it as long as it is a valid, signed trust document. Some banks ask for a certified copy or a copy certified by an attorney, but most accept the original or a photocopy. If the trust was created in another state, that does not matter—trusts are recognized across state lines. Bring the document you have and ask the bank what they need.
Can a beneficiary open a trust account, or only the trustee?
Only the trustee can open and control the account. A beneficiary has no authority to manage trust money unless they are also named as a trustee. If you are a beneficiary and want to know about the trust account, ask the trustee directly—they are required to keep beneficiaries informed about trust assets.
What happens to the trust account if the trustee dies or resigns?
The successor trustee named in the trust document takes over. Notify the bank in writing and provide them with a copy of the relevant pages of the trust document showing the succession. The bank will update the signature card and account authorization. There is usually no interruption to the account, but the transition may take a few business days.