Setting Up A Trust

Benson | Mar 21, 2024 | 28 posts since 2021

We are looking into setting up a revocable trust. How often do you find a financial institution that will NOT allow an account titled as a trust?

When you open up a new financial institution account somewhere AFTER the the trust is established, do you then need to have the trust modified by the original lawyer (law firm)?

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Answers

Ltssharon | Mar 21, 2024 | 471 posts since 2020

To: Benson,

I have had a trust since 2007, and now have at least 23 Financial Institutions titled in the name of my trust and no matter where the financial institutions were, have never had to modify my trust. The only institution that in my experience would not allow savings and cds to be titled in the name of the trust was Barksdale. That is unwelcome to me and I am glad to be rid of them, althought I gave it a try one time, and was disgusted at the needing to list beneficiaries and contingent beneficiaries, etc. Plus when a new baby entered the family, eVErything needed to be redone. I love having a trust. It is usually not easy to open a trust online, so you just contact the financial institution, send them relevant copies of parts of your trust, fill out trust papers, and send that bit of stuff to them. You can easily organize what financial institutions want and make several little packets ready so that you can breeze through that process. I am glad to answer any questions you might have, and commend you for opening a trust. A hint is that when you contact a financial institution , try to find a customer service person who is not new, and knows what a trust is and what should be done from their own personal life experience. Often an older bank customer service program will have their own trust and know the ropes. Just don't get someone relatively inexperienced.

happyharold4 | Mar 21, 2024 | 388 posts since 2022

The firm I used made up a one page document titled " Official Certificate Of Trust "---At the top they put a small paragraph addressed to any/all stating, " NOTICE TO PERSON OR ORGANIZATION TO WHOM THIS CERTIFICATE IS PRESENTED "---This form is an official form authorized and protected by state law. Failure to accept this form can result in penalties and damages. You may rely on this form without further proof of authority.--- That one page Cert has been a huge blessing to me through the many years I've used it.

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