Generally

• A trust bank account is an account that the trustee creates to handle the administrative tasks involved with shuffling trust assets and money.
  
  

Purpose

• The purpose of the trust bank account is to provide a way for the trustee to pay for trust expenses and to make trust disbursements. For example, the trustee can pay the beneficiaries using checks drawn on the trust checking account.
  
  

Time Frame

• The trustee should create a trust checking account immediately after being appointed as trustee of the trust.
  
  

Types

• Trustees can create many types of trust bank accounts, including checking accounts, savings accounts, investment accounts and brokerage accounts.
  
  

Expert Insight

• Some trust bank accounts are created as part of the actual trust creation process. The trustor, for example, might create a trust for the sole purpose of holding title to an investment or brokerage account.