Does the Trust need a Trust Checking Account?
It is a best practice to have a separate trust checking account. This practice reinforces the separation of the trustor’s estate from the irrevocable trust funds, and transfers fiduciary duty over those funds to the Trustee at the time of deposit of the gift check into the trust checking account. Having a separate trust checking account also enables the trustee to respond to beneficiary request for a withdrawal of assets by simply writing them a check for their share of the gift amount, or their withdrawal request amount.
