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Putting a Bank Account into a Living Revocable Trust - YouTube
Channel: LegaLees
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high-heat Phillips I'm an attorney I
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deal on the state planning a lot fact
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I'm a Supreme Court counsel let me talk
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to you about opening a bank account in
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the name of a living revocable trust you
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set up the living revocable trust
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everybody says okay you've got to fund
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the trust actually the lawyer of half
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the time or three-quarters of the time
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write you a letter that says you know
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the trust really needs to be funded well
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funding the trust is the key element of
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the trust if it's going to avoid probate
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it's got to be funded that means it has
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to own the cars the house the boats the
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bank accounts the brokerage accounts
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everything let's do a bank account
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you're going to go down to the bank and
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and 35 years ago when I started doing
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this none of the banks understood what a
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living revocable trust was you'd roll in
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with the trust you'd say I want to put
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the bank account in the name of the
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trust and the little girl and look at
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you like mmm today most of the banks
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understand the Trust's and what you
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should do this is all you should have to
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do is get a new signature card the new
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signature card is going to be filled out
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with the name of the trust as the owner
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so it's the John Doe trust or the pretty
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old trust or whatever it is the name of
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the trust the date of the trust
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September 10 2009 and the trustee who's
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the trustee ideally it would be John Doe
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trustee and successor trustees but
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nobody ever puts the end successor
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trustees on the bank just knows that
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there's going to be successor trustees
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so it's the John Doe trust under
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agreement you a September 10 2009
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whatever was and John Doe trustee and
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trustee can be abbreviated TT ee and you
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can abbreviate John Doe TR and if you'll
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note down the side of the
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are the bottom of the card word is they
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say is this a personal account is this a
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joint account is this a company account
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and they'll always have is this a trust
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account you check that box now you
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shouldn't have to reprint your checks
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all you've done is make out a new
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signature card you can still use the
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same checks they should not change the
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number of the signature or excuse me the
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number on your checking account I had a
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case just a couple of weeks ago as a
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matter of fact the bank absolutely
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insisted no you're going to close this
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account and you're going to open a new
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account in the name of the trust no no
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you shouldn't have to do that you have
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an established bank account you have
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checks printed you can print anything
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you want on your checks you don't have
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to print the name of the trust you don't
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have to print anything on a check but
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you can print whatever you want so use
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your old checks fine just keep them in
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your name no big deal nobody needs to
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know that this trust exists or is
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actually the owner of the bank account
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except the bank now I've had a number of
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cases where the banks say we need a tax
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ID number for your trust the tax ID
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number for your living revocable trust
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is by law your social security number
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you give them your social security
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number and I had a case oh by the way
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the bank that insisted that we open a
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new account I said fine you open a new
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account you go to a different bank net
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and see what they say I never heard back
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so I suspect when I use that line they
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got what they wanted but I had a case a
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couple of years ago a doctor in Virginia
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opening it while they had a credit union
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account and they wanted to change the
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credit union account to the name of the
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trust the credit union absolutely
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insisted upon a tax ID number for this
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trust and I called we talked a lot about
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knock-knock died of cactus our policy I
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don't care what the law is is start
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policy and finally I said that
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dr. well I would suggest you go to the
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credit union down the street and you
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open another account the doctor moved
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1.5 million dollars out of the credit
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union I would think somebody's head
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might be spinning on that but the banks
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they have their little policies and
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stuff and you just can't get around them
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generally though walk in change the
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signature card do not change the bank
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account number do not change the checks
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and it's your social security number it
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should go pretty clean now they are
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going to ask for a copy of the trust
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they'll take the copy of the first page
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the copy of the page that talks about
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trustees the powers of trustees and the
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signature page they will put that in
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your file at the bank and they are
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agreeing that they're going to govern
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that account by the terms of that trust
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you can make out another trust I don't
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care we're governing it by this trust
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and so you can have take the trust in
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they'll take copies of it or you can
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take a certification we call it or a
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summary of the trust and they'll take
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that photograph it put it in your file
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that way when your son or your daughter
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whoever shows up after your dad and says
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hi look here's trust
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here's mom's death certificate I need to
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get into the bank account I'm the next
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trustee they go into the back they look
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up the paperwork that they've got and it
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says daughter next trustee they walk
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back out and they say hey you got any ID
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sign here we went right out and around
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probate with the bank account it was
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slick this is Lee Phillips talking about
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how to put bank accounts into living
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revocable trusts
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