A trust account is held in the trust's name, not yours, and requires paperwork that proves the trust exists

When you open a bank account for a trust, the account belongs to the trust itself, not to you personally. The bank needs to see the trust document to confirm it is real and to understand who can sign checks and withdraw money. You will need the trust's legal name, the trustee's identification, and usually a copy of the trust agreement or a certification letter from an attorney stating the trust exists and naming the trustee.

The process is straightforward but slower than opening a personal account because the bank must verify the trust structure. Most banks can complete it in one visit if you bring the right documents. Some banks require a lawyer's certification letter instead of the full trust document, which costs $50 to $150 but keeps the trust details private.

Key Takeaways

  • The account is titled in the trust's name (for example, "The Smith Family Trust"), and the trustee is listed as the person authorized to manage it.
  • You will need the trust document itself, a trustee identification number (EIN) from the IRS, and the trustee's personal ID to open the account.
  • Some banks accept a certification letter from an attorney instead of the full trust document, which protects privacy but costs extra.
  • The trustee's Social Security number or the trust's EIN can be used for tax reporting, depending on the trust type and the bank's requirements.
  • After opening, the account operates like any other, but only the trustee named in the document can sign checks or authorize withdrawals.

What documents the bank will ask for

Banks require proof that the trust exists and that you have authority to act on its behalf. Bring your personal ID (driver's license or passport), the trustee's Social Security number, and either the original trust document or a certification letter. If you bring the full trust document, the bank will photocopy it and keep a copy on file. If you use a certification letter, an attorney writes a one-page statement confirming the trust exists, naming you as trustee, and stating the trust's date of creation.

You will also need the trust's Employer Identification Number (EIN), which is a nine-digit number issued by the IRS. If the trust does not have one yet, you can request one from the IRS using Form SS-4, either online, by phone, or by mail. The process takes a few minutes online and a few days by mail. Some banks will open the account and assign a temporary number while you wait for the EIN to arrive.

Bring a recent utility bill or lease in your name to verify your address. Some banks also ask for the trust's address, which is often the trustee's home address or the property the trust owns.

Whether to use the trust's EIN or the trustee's Social Security number

The bank will ask whether to use an EIN (the trust's tax ID) or the trustee's Social Security number for the account. This choice depends on the type of trust and how it is taxed. A revocable living trust — the most common type — is usually taxed as a pass-through entity, meaning income flows to the trustee's personal tax return. In this case, many banks use the trustee's Social Security number. A testamentary trust or irrevocable trust may need its own EIN and files its own tax return.

Ask your accountant or the attorney who drafted the trust which number to use. The bank can change this later if needed, but it is simpler to get it right at the start. If you are unsure, use the EIN — it is the safer choice and keeps the trust's finances separate from your personal finances on the bank's records.

How to name the account

The account title should match the trust document exactly. If the trust is called "The John and Mary Smith Revocable Living Trust," the account should be titled exactly that way. Some banks shorten it slightly (for example, "Smith Revocable Living Trust") if the full name is very long, but ask the bank to confirm the exact title before you sign anything.

The bank will also list the trustee's name and role on the account. It will read something like "The John and Mary Smith Revocable Living Trust, John Smith, Trustee." This tells anyone looking at the account that John Smith is the person authorized to manage it. If the trust names multiple trustees or successor trustees, tell the bank who has signing authority now and who takes over if the current trustee dies or becomes unable to act.

What happens if the trust document is very old or was created in another state

Banks accept trusts created in any state, but some ask for a certification letter if the trust is more than a few years old or if it was created outside the state where you are opening the account. This is not a legal requirement — it is the bank's internal policy. A certification letter from the attorney who drafted the trust (or from any attorney licensed in your state) costs $50 to $150 and takes a few days to prepare.

If the bank refuses to accept the original trust document, ask whether they will accept a certification letter instead. If they still refuse, you can open the account at a different bank. Most large national banks (Bank of America, Wells Fargo, Chase) accept original trust documents without a certification letter. Smaller regional banks and credit unions vary in their policies.

Ongoing account management and successor trustees

Once the account is open, it works like any other bank account. The trustee can deposit checks, withdraw money, set up automatic payments, and request a debit card. The trustee's name appears on statements and checks, along with the trust's name.

If the trust names a successor trustee (the person who takes over if the current trustee dies or steps down), tell the bank who that person is. The bank does not need to do anything now, but when the time comes, the successor trustee will need to show the bank the death certificate or a letter from the current trustee stepping down, plus their own ID. The bank will then update the account to reflect the new trustee.

Some banks allow you to name multiple trustees with signing authority. If the trust names co-trustees, ask the bank whether both must sign checks or whether either one can sign alone. This varies by bank and by the trust document itself.

Fees and account types for trusts

Trust accounts are usually held as regular checking or savings accounts. Some banks charge a higher monthly fee for trust accounts because they require more paperwork to open and close. Fees range from $0 to $25 per month, depending on the bank and the account type. Ask the bank for the fee schedule before you open the account.

Some banks offer trust-specific accounts with features like multiple authorized signers, automatic reporting to beneficiaries, or integration with estate planning software. These accounts cost more but may be useful if the trust is complex or if you manage multiple trusts. For most straightforward trusts, a standard checking account is sufficient.

Frequently Asked Questions

Can I use my personal Social Security number instead of getting an EIN for the trust?

Yes, if the trust is revocable and you are the only trustee. Many banks use the trustee's Social Security number for revocable living trusts because they are taxed as pass-through entities. However, using an EIN keeps the trust's finances separate and is cleaner for record-keeping. Ask your accountant which is better for your situation.

What if I lose the original trust document?

Contact the attorney who drafted the trust and ask for a certified copy. If the attorney is no longer in practice, contact the court in the county where the trust was created — some courts keep copies of filed trusts. You can also ask the attorney to issue a certification letter instead, which the bank may accept in place of the original document.

Can I open a trust account online, or do I have to go to a branch?

Most banks require you to visit a branch in person because they need to see the original trust document and verify your ID. Some banks allow you to mail in documents, but this takes longer and increases the chance of rejection. In-person is faster and more reliable.

What if the trust names me as trustee but I am not the only one?

Tell the bank the names of all trustees and ask whether the account requires all signatures or allows any trustee to sign alone. The bank will follow the trust document's instructions. If the trust is silent on this, the bank will usually require all trustees to sign checks, which can slow things down. Clarify this with the other trustees and the attorney before opening the account.

Do I need to tell the bank if the trustee changes?

Yes. When a new trustee takes over, bring the new trustee's ID and a copy of the document or letter showing the change to the bank. The bank will update the account and may issue new checks and cards. This usually takes a few business days.