-
Existing bank account.
Hi, I remember that you guys said you can use an existing bank account for your trust.
You keep your name for the existing bank account eg John Doe
You then tell the bank your name is the same but your role has changed and you are now acting “as trustee for” the trust.
Is this correct?
Thanks.
-
2 Replies
-
As far as I know the Trust name will be the title of the account and the Trustee will have his name on there as the one who has the authority to access the funds on behalf of the Trust.
-
The trust needs a separate account under its own name. It is easier to get one if you already have an account at a bank but the trust account is separate from your private account. Remember the trust does not belong to you it is simply managed by you as a trustee if you are talking about the unregistered trusts created by Mark.