To open a trust account, bring the trust document (or a shorter Certification of Trust), the correct tax identification number for the trust, and government-issued photo ID for every trustee to a bank, then complete the bank’s application and signature card in the trust’s exact legal name. One appointment usually handles it. Funding the account — moving money and property in — is a separate step you do afterward.
Know Which Trust You Have Before You Go
The type of trust decides which tax ID the bank will ask for and how the account gets titled, so settle this first.
A revocable living trust can be changed or canceled by the grantor during their lifetime. Because the grantor keeps control, the IRS treats the trust’s income as the grantor’s own, and the trust uses the grantor’s Social Security Number.1Office of the Law Revision Counsel. 26 U.S. Code 671 – Trust Income, Deductions, and Credits Attributable to Grantors and Others as Substantial Owners
An irrevocable trust is a separate entity from the day it’s created. The grantor gives up control, and the trust needs its own Employer Identification Number from the IRS. A revocable trust also becomes irrevocable when the grantor dies, at which point it too needs its own EIN.
Documents to Gather Before the Bank Visit
The Trust Agreement or a Certification of Trust
You can bring the full trust agreement, but most banks prefer a Certification of Trust (also called a certificate or abstract of trust). This shorter document proves the trust exists and names the authorized trustees without exposing details like beneficiaries or distribution instructions.2Legal Information Institute. Certification of Trust Make sure it shows the trust’s exact legal name, its creation date, and language granting the trustee power to open bank accounts.
The Trust’s Tax ID
For a revocable living trust with a living grantor, the grantor’s Social Security Number is the tax ID.1Office of the Law Revision Counsel. 26 U.S. Code 671 – Trust Income, Deductions, and Credits Attributable to Grantors and Others as Substantial Owners
For an irrevocable trust, get an EIN before your bank appointment. You have three options: apply online at IRS.gov and get the number immediately, fax Form SS-4 and receive it in about four business days, or mail Form SS-4 and wait roughly four weeks.3Internal Revenue Service. Employer Identification Number The online application is free.
ID for Every Trustee
Federal Customer Identification Program rules require the bank to collect each trustee’s name, date of birth, address, and taxpayer identification number before opening the account.4eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks Each trustee should bring a valid driver’s license or U.S. passport plus proof of current address. Banks may also ask for information about the grantor or anyone else with authority to direct the trustee.5Financial Crimes Enforcement Network. Interagency Interpretive Guidance on Customer Identification Program Requirements Under Section 326 of the USA PATRIOT Act
What Happens at the Bank
Call ahead. Trust accounts have more compliance steps than a personal checking account, and many banks want you to sit with a trust officer or specialist rather than a general teller. Some banks let you start the process online, but expect to sign paperwork in person either way.
The banker will read your trust document (or Certification) to confirm which trustees have authority to transact. You’ll fill out an application listing the trust’s full legal name exactly as it appears in the document, along with the creation date. Trust names typically read something like “The John Smith Revocable Living Trust, dated March 15, 2026.” That precise wording matters — it’s what will appear on checks, statements, and the bank’s insurance records.
Every trustee signs a signature card, which also sets how many trustee signatures are needed to move money. The bank runs its own compliance checks, then issues account and routing numbers and gives the trustee login credentials.
Funding the Account
The account exists, but the trust owns nothing until you move assets in. Common ways to fund it:
- Wire or electronic transfers from the grantor’s personal accounts into the trust account.
- Check deposits made payable to the trust’s full legal name, not to a trustee or the grantor personally. This keeps trust property distinct from personal property.
- Retitling existing accounts held elsewhere — brokerage accounts, CDs, other bank accounts — so ownership records match the trust’s title. Some institutions charge a small administrative fee to process the change.
Record every transfer in the trust’s ledger. You’ll need that record later for beneficiary reports and, if the trust ever becomes irrevocable, tax returns.
Title the Account So FDIC Coverage Applies
For deposit insurance to treat the account as a trust account, the account title or the bank’s records must identify it as a trust, using wording such as “living trust” or “family trust.”6FDIC.gov. Financial Institution Employee’s Guide to Deposit Insurance – Trust Accounts Confirm with the banker that the account is coded correctly before you leave.
Trust deposits at an FDIC-insured bank are insured up to $250,000 per eligible beneficiary named in the trust, with a maximum of $1,250,000 per trust owner (reached at five or more beneficiaries).7eCFR. 12 CFR 330.10 – Trust Accounts The FDIC combines all of a grantor’s trust deposits at the same bank under a single coverage limit, so large balances may need to be spread across more than one insured institution.6FDIC.gov. Financial Institution Employee’s Guide to Deposit Insurance – Trust Accounts The grantor doesn’t count as a beneficiary, and contingent beneficiaries — those who would only inherit if a primary beneficiary died first — don’t count either.
Don’t Leave the Trust Empty
A trust that holds no assets does nothing. If you open the account, sign the paperwork, and then never retitle property into the trust, whatever is still in the grantor’s personal name at death will likely go through probate — the very thing most trusts are designed to avoid. A pour-over will can catch stray assets, but a pour-over will itself passes through probate, with the delay, cost, and public disclosure that come with it. Retitle promptly after opening the account, and check in periodically so that anything acquired later also gets put in the trust’s name.
After the Account Is Open
Taxes
While the grantor is alive, a revocable trust generally files no separate return; the grantor reports the trust’s income on their own return using their Social Security Number.1Office of the Law Revision Counsel. 26 U.S. Code 671 – Trust Income, Deductions, and Credits Attributable to Grantors and Others as Substantial Owners Once the trust is irrevocable, the trustee must file IRS Form 1041 if the trust has $600 or more in gross income, any taxable income, or a nonresident alien beneficiary.8Internal Revenue Service. 2025 Instructions for Form 1041 and Schedules A, B, G, J, and K-1
Keep Trust Money Separate
A trustee must never mix personal funds with trust assets. This rule against commingling is fundamental across all states. Depositing personal money into the trust account or using trust money for personal expenses can create personal liability for breach of fiduciary duty. Keeping the dedicated trust account clean is the whole point of opening one.
Report to Beneficiaries
Trustees generally owe beneficiaries a periodic accounting of what the trust owns, what income came in, and what expenses went out. Frequency and format vary by state, but most states require at least an annual accounting to beneficiaries currently entitled to distributions. Keep records of every deposit, withdrawal, investment result, and fee regardless of whether your state formally requires a report.
If a Successor Trustee Steps In
When the original trustee dies or becomes incapacitated, the successor named in the trust document takes over. Banks generally require a certified copy of the death certificate (or documentation of incapacity), a copy of the trust agreement or Certification of Trust identifying the successor, and the successor’s own photo ID. If the trust was revocable, it becomes irrevocable at this point, and the successor will need to apply for a new EIN because the trust can no longer use the deceased grantor’s Social Security Number.3Internal Revenue Service. Employer Identification Number The bank updates its records, issues a new signature card, and gives the successor account access. Contact the bank quickly after the transition; processing times vary.