You can retitle your bank account in your trust's name or name the trust as payable-on-death (POD) beneficiary. Ask your attorney which way your plan uses. (Court guide to funding a trust, FDIC guide to trust accounts)
You've signed your trust, but your checking account still shows your own name. Before you call the bank, find out which change your attorney wants. This guide is for your own revocable living trust and is educational, not legal or tax advice.
How do I put my checking account in my trust?
Start with a recent bank statement and your signed trust papers. Ask your attorney to list which checking and savings accounts to retitle and which should name the trust as POD beneficiary. If you share an account, point that out before anyone signs a form.
Then call the bank. Say, "I've signed a living trust. My attorney wants me to update my checking account. What paperwork do you need, and do I need an appointment?"
Keep the bank's checklist with your attorney's instructions. The next step is to check that you're asking for the right kind of change.
Should I retitle my bank account or add a payable-on-death beneficiary?
That choice belongs with your attorney. Retitling puts the account in the trust's name now. The Santa Clara County court's guide describes funding a living trust by transferring title to it.
A POD choice tells the bank to pass the money to the named beneficiary after the account owner passes. The FDIC's trust-account guide describes POD accounts, including ones that name the owner's formal trust as beneficiary. Naming the trust as POD beneficiary is different from retitling the account now.
Ask your attorney to give you the exact trust name and wording to use. Don't pick the easier form at the bank without checking it against your plan. Once the choice is clear, you can gather the papers for that route.
What does the bank need from me?
Get the bank's list before your visit. Ask about each of these:
- Certification of trust. Ask your attorney for it and check if the bank accepts it or wants specific pages from the trust too.
- IDs. Ask which photo IDs the signing trustees should bring and who needs to attend.
- The bank's own forms. Request its trust-account forms for retitling, or its beneficiary form for a POD change.
- Account and trust details. Have your current statement, exact trust name, trust date, and trustee names ready. Ask your attorney and bank which tax identification number to put on the forms.
For a new account, the Office of the Comptroller of the Currency explains that banks collect identifying information and check the customer's identity. Ask your bank how it handles that check for your trust account.
Read the completed forms before signing. Compare the trust name and date with the papers your attorney gave you. Before the bank makes the change, ask what will happen to the account number.
Will my account number change when I move it to my trust?
Sometimes. Ask if the bank can retitle your current account or needs to open a new one. Get the answer before moving the money.
If the number changes, list every payment tied to the old account. Think about your paycheck, Social Security deposit, mortgage payment, utilities, credit cards, and payment apps. Update the account details with each sender or biller, and ask the bank about new checks, debit cards, and online access.
Watch for the deposits and payments to work in the new account. Ask the bank how to handle checks that haven't cleared before closing the old one. That payment check also helps you decide what to do with your everyday cash.
Should I leave one checking account out of my trust?
Make that call with your attorney, based on how you use the account. Tell them where your paycheck lands and how you pay the grocery bill, rent, or mortgage. If you'd like to keep one checking account in your own name, ask how it should fit with the rest of your plan.
Talk through two questions: who should get that money after you pass, and who could help pay bills if you couldn't handle them yourself? Ask your attorney to plan for both. Keep the answer with your bank instructions so the everyday account doesn't become a loose end.
How do I know the bank finished the change?
Once you've settled the everyday-cash question, check the bank's final records for each account you changed. A form you dropped off isn't the same as confirmation that the bank processed it.
For a retitled account, save a statement showing the trust's name. For a POD choice, save the bank's written confirmation naming the trust as beneficiary. Compare the names with your attorney's instructions, and ask the bank to correct any mismatch.
Keep that proof with your trust papers and note the date you checked it. For the rest of your list, use the trust funding checklist.
TrustHelm works alongside your family's attorney to help you keep the bank paperwork and follow-up steps together. Start your checklist.
Common questions
Here are the short answers to keep handy when you call the bank.
How do I put my checking account in my trust?
Ask your attorney which change to make, then get the bank's forms for that choice. Have the attorney's trust wording ready before you sign. Save an updated statement or the bank's POD confirmation after it processes the change.
Should I retitle my bank account or add a payable-on-death beneficiary?
Retitling changes the account title now; POD directs payment after you pass (court trust guide, FDIC explanation). Ask your attorney which one your plan uses. Check that the bank's forms follow that choice.
Will my account number change when I move it to my trust?
It might, so ask the bank before it makes the change. If it opens a new account, update your direct deposits, autopays, and payment apps. Check that payments work before asking the bank to close the old account.
What does the bank need from me?
Ask for its checklist before your visit. Have your certification of trust, any requested trust pages, IDs, and the bank's own forms ready. Check the trust name, date, and trustee names against your attorney's papers.
Should I leave one checking account out of my trust?
Ask your attorney if that fits your plan for bills and everyday spending. Talk about who should receive the money after you pass and who could help with bills while you're living. Write down the choice so that account gets the right follow-up too.