Trustee Account

• A trustee has a duty to provide trust income and property to the trust beneficiaries. To make these payments to the beneficiaries, the trustee should create a checking account.
  
  

Accounts Held In Trust

• Some people want to transfer their bank accounts to trust. This is different from the checking account that the trustee sets up to administer beneficiary payments.
  
  

Types

• Many types of bank accounts can be held in trust. For example, savings accounts, CDs, brokerage accounts and checking accounts can all be held in trust.
  
  

Purpose

• The purposes for putting financial or bank accounts into a trust are plentiful, including to protect the money from creditors, to avoid probate, and to benefit the beneficiaries according to established guidelines in the trust.
  
  

Warning

• When you transfer a bank account to a trust, you are giving up personal ownership of the bank account.