Video Summary
Why would I need to open a trust account? If you set up a revocable trust for state planning purposes, you should set up your bank account. So. it shows you as trustee of your revocable trust. The reason for that is, is so that the provisions, the trust will control because if you leave the, the accounts just in your name, well then particularly if you set it up to avoid probate, you would have to probate your estate in order to have the accounts be placed in your name, either your successor’s name as trustee of the trust, so that they could then be distributed. So if you want your trust to control your bank accounts on who it goes to upon your death, you need to title them in your name as trustee under your revocable trust. So that is the reason why you would want to open up a bank account and the name of your name as trustee of your trust. If you have any questions, give me a call at (727) 847-2288.