What do Banks Need to Open a Trust Bank Account
Feb 03, 2023The requirements for opening an express trust account at a bank vary depending on the bank and the jurisdiction in which it operates. However, some common requirements that banks may need to open an express trust account include:
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Proof of identity: Banks may require the person opening the account to provide a government-issued photo ID, such as a driver's license or passport.
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Proof of trust relationship: Banks may require a written document that establishes the express trust, such as a trust agreement, will, or court order.
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Proof of capacity: Banks may require evidence that the person opening the account has the legal authority to act as a trustee, such as a court order or a power of attorney.
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Information about the beneficiaries: Banks may require information about the beneficiaries of the trust, including their names and addresses.
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Tax ID number: Banks may require the tax identification number of the trust, which is used to report income from the trust to the Internal Revenue Service (IRS).
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Initial deposit: Banks may require an initial deposit to open the account.
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Signature cards: Banks may require the trustee or co-trustees to sign signature cards to authorize transactions on the account.