What name goes on the trust bank account?
Generally the bank account will be given either the name of the trust e.g. “XYZ Trust” or include both the name of trustee as well as the trust’s name e.g. “ABC Limited as trustee for XYZ Trust”. The second option provides greater flexibility allowing deposits to be received in either the name of the trust or the trustee. It is also possible to open an account for the trust in the name of the trustee (or trustees) providing that this is properly documented in the trust minutes. If a company is the trustee, a representative having the appropriate authority of the company can sign on the trust’s account. The representative can be either a company director or one with Power of Attorney. One signatory will suffice although two or three signatories are recommended.
Related Questions
- Can we go to bank with will and trust docs to change over the bank account now, or do we need to file small estate affidavit (wait the 40 days) before we can access the bank accounts?
- What needs to be done in order to close a trust bank account when the law firm is winding up?
- Can I trust InfoIMG with my credit card or bank account information?
