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Revocable Living Trust Savings Accounts

MNfarmer   |     |   3 posts since 2012

I am having a hard time finding which banks provide Revocable Living Trust accounts. It would be nice to include in your blog or ratings page which banks provide for this service. 

I have accounts at Ally which have been great and very easy to set up. But have not benn able to find other Banks that provide the same service for trust accounts. 

I requested this feature a year ago. Please can anyone provide info on banks with that provide trust accounts?


OGC   |     |   1 posts since 2017
Not sure on revocable but irrevocable trust accounts are available from Discover, Ally, Synchrony,
Cal First National, Zions Bank, Ever Bank, Nationwide Bank, Giant Bank, Bank of Internet.
Any others?
TJ   |     |   2 posts since 2010
revocable trust is available for discover, ally, alliant, navy fed, pen fed, bunch of others, i've had and have them. you may not see them on line application, but call them
Shruti Gupta
Shruti Gupta   |     |   1 posts since 2017
Synchrony bank does trust accounts online. Good interest rates compared to local banks
RickZ   |     |   31 posts since 2010
I'm pretty sure that all of the big banks allow trust accounts. I have a trust account at Alliant Credit Union. It was relatively easy to set-up (every financial institution is going to want copies of the trust, etc.) and Alliant is definitely one of the better financial institutions out there.  Membership may require a $10 donation to their selected charity if you don't otherwise qualify.
ChrisCD   |     |   134 posts since 2010
We have run into banks that initially require you to set-up the account as a personal account, especially on-line banks, but then allow you to re-title it.  We have also run into banks that don't want to deal with what they perceive to be a hassle factor.
scubabelle   |     |   9 posts since 2013
We have accounts titled in our revocable trust with big banks and brokerage houses (such as Bank of America or Morgan Stanley). They're pretty good about it. We also have trust accts with Ally Bank and Melrose CU and Quorum CU. Sometimes the trust thing is a bit of drama. I always call first and see what they'll do and what they require. You have to be patient with the process and paperwork and, sometimes, be a little persistent/pushy. As another member stated, sometimes you have to open in your personal name and then re-title it (make sure they'll do it before you open the acct). Alternatively - what we did with Barclays - they won't title accts in trust but we were able to designate our trust as the beneficiary. Hope that helps! 
Ally6770   |     |   2,429 posts since 2010
Are some of the replies mixing up revocable and irrevocable?
hank   |     |   44 posts since 2016
yes, it appears the first post mixes them up
Rosedala   |     |   24 posts since 2010
Designating my trust as a beneficiary in all institutions is what I have and feel to be easier. I even did this with my IRA accounts. All I do is write them what I have in mind for beneficiaries (same letter to all), enclosing, as it was mentioned, relevant pages of the trust. And of course, urging them to confirm in writing.
highrate   |     |   7 posts since 2016
some banks have them but dont even know they have them. I went to visions and I was told multiple times that they dont offer them.  Then I called corporate hq and spoke to someone in the trust dept and they told me to go in to the branch and tell them to set up a totten trust which is basically the same thing , and then they knew what to do
HollyHolly   |     |   19 posts since 2015
Almost all the banks and credit unions accept rev. trust accounts. However, they all require at least 5 pages of the trust doc - first page, grantor clause, powers clause and signature and notary pages.
Rosedala   |     |   24 posts since 2010
Hi bradmoe, I know this thread is over a year old and I'm sure you've resolved this by now, but wanted to tell you that I made a Revocable Trust with an attorney years ago, and sent to each of my investment institutions a letter telling them to consider my Trust a beneficiary, enclosing the First and 2 Last Pages of the Trust. I repeat this with each account I open at a different institution.
Ally6770   |     |   2,429 posts since 2010
For an account to be put in a trust it has to be titled to the trust. The financial institution also requires a dated copy of the trust with the signatures and the notary etc. If the account has no beneficiaries then a pour over will in the trust will put it in the trust but in my state it will still have to go through probate to be transferred to the trust.
Rosedala   |     |   24 posts since 2010
Oh Ally how terrible that they should put your Trust through the probate!!! In NYC, some institutions insist I fill in info on the Trust, but many others just accept that my Entire Trust be my beneficiary. I understand each state may have different laws but to put a Trust through probate is really low!!!
Ally6770   |     |   2,429 posts since 2010
They do not put the trust through probate but they put the account with no beneficiaries listed through probate. The accounts have to be titled to the trust with the date of the trust in the account title.  The trust only comes into play with probate with accounts that have no beneficiaries and the pour over will transfer it to the trust. Check in your state if all accounts, house, stocks, bonds etc has to be titled to the trust.
Rosedala   |     |   24 posts since 2010
Yes, also in NYC one has to title the accounts to the Trust and one has to recite the entire name of the Trust each time one calls them for something (a pain as it's usually a long name!). I suppose they do it automatically when they receive my letter of instructions enclosing the mentioned pages of the Trust. And yes, whatever remains out of the Trust will get the pour over Will. However, I better check out my institutions to make sure that it's still the same about NOT going through probate any left overs in the Will that I might've forgotten to give a beneficiary. One never knows...So thanks a lot for reminding me. :)
paoli2   |     |   2,432 posts since 2011
I don't understand why anyone would need a Revocable Trust with a bank when all we have to do is make sure we have a beneficiary on each account and it goes to them without probate. You also don't need a Trustee if you just make the CD Totten or just put a beneficiary. I like to keep things as simple as possible.
Ally6770   |     |   2,429 posts since 2010
There are many assets that people have that they do not want to go through probate. Anything that goes through probate is open to the public. That is why they have trusts.
gbtexas   |     |   63 posts since 2013
There are multiple reasons for a trust, a grantor trust, for example (there are various types of other trusts I could have used, but this was the simplest and best for my purpose). With a grantor trust, the money essentially belongs to the grantor. What I did was set one up myself using software available for the purpose of reserving $ for college education for my grandkids. I knew that the grantor, my son, wouldn't raid the trust by removing me as the trustee and appointing himself or someone else to be trustee. This is but one small example of why trusts are used. Some lawyers specialize in trusts and can get very well compensated.