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Setting up a checking account as the Trustee of a trust

Richmond, TX |

I am the trustee of my parents Revocable Living Trust (which as I understand it, is now Irrevocable since both grantors are deceased)

I have placed the trust monies in conservative, principal preservation investment accounts. However, I also need to set up a checking account so that should my younger sibling require a distribution for her benefit (car, home, etc) I need to set that account up locally , titled as X Family Revocable Living Trust, Dated MM/DD/YYYY, Jane Doe, Trustee.

I need to locate a bank to do this, and thus far have checked only at Chase. They say that they can not set up such an account, even though I have provided them with the Grantors names, proper notarized paperworks showing myself as trustee, the T.I.N. assigned to the trust.

Should this be difficult ?

Attorney Answers 1

  1. No, it looks like you have everthing in order. What you should probably do is go back to where you have her investments and establish a checking account. Almost all brokerage firms or mutual fund companies offer a checking account and its often free. Also, this allows you to have all the asset in one trust account. Any mutual fund, like Fidelity Investments, Charles Schwab, etc., can easily set you up.

    Hope this helps.

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