Is there a simple trust form we can use to open a bank account and how? 12 Answers as of September 21, 2015

My son's grandfather (my wife's father) left him a small amount of money to be placed in a trust, with his Mom as the trustee, until he is 25. When we went to the bank, they told us they require a trust agreement to open the account.

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Law Office of Pamela Braynon | Pamela Y. Braynon
I suggest you check the internet. Be specific and request a trust agreement for Florida. It sounds as if you do not want to consult an attorney, but is probably best to ensure that the form is proper for your needs.
Answer Applies to: Florida
Replied: 9/21/2015
Edward L. Armstrong, P.C. | Edward L. Armstrong
I've worked in the past for several trust companies and trust departments - their lawyers are great but in the regular banking area the training most bank personnel get is inadequate so they are taught to give answers that will not cause the bank any liability. If you talk to a regular banker about the best they can do is a type of co-account with the minor or, perhaps, a gift to minors account but that makes the parent the donor. If your son's grandparent intended a trust be prepared that could be rather expensive depending on the amount involved. The custodial type of account is easy but has its limitations as the parent, as custodian, may have to report earnings on the account as income to himself or herself rather than to the child who is, of course, a minor.
Answer Applies to: Missouri
Replied: 9/17/2015
The Law Office of Kimberly D. Moss
The Law Office of Kimberly D. Moss | Kimberly Moss
The trust that your wife's father used to establish the trust would need to be retrieved and presented to the bank for your wife to be able to act in her representative capacity as trustee. If you know the name of the attorney that your wife used to establish the trust, he or she may have copies of the trust agreement. Otherwise, you will need to find out where your wife's father placed his important documents and look for that agreement.
Answer Applies to: Texas
Replied: 9/16/2015
Minor, Bandonis and Haggerty, P.C.
Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
Grandfather created the trust, so he must have created the trust agreement. If he just gave the money to you or your son with instructions that it be held in trust, then I'd recommend using a Uniform Transfers to Minors Act (UTMA) account. Much simpler. If it actually was given in trust, then there must be a trust agreement otherwise, how would the trustee know what to do with it?
Answer Applies to: Oregon
Replied: 9/16/2015
Goldsmith & Guymon
Goldsmith & Guymon | Dara Goldsmith
If your son is under 18, you can simply open it as a UGMA or UTMA account, both remain in trust until 25. If he is over 18 then a trust document will be necessary. This is opinion is solely based upon the facts presented in the inquiry. Additional facts may be important and may change the analysis. If you are uncertain, seek legal counsel. We are not your attorneys. This answer is being offered to assist you in determining if you need to retain legal counsel to assist you, not to resolve your issue through an email inquiry.
Answer Applies to: Nevada
Replied: 9/16/2015
    Sebby Law Office
    Sebby Law Office | Jayne Sebby
    Most trusts are individually written because the circumstances vary from case to case. You might be able to purchase a generic trust document on-line but check carefully to see if it conforms with the laws of your state. An attorney can also draw up a simple trust. If the executor/personal representative of the estate is working with an attorney, he or she might be able to help you with this.
    Answer Applies to: Nebraska
    Replied: 9/16/2015
    Christine Sabio Socrates Attorney at Law | Christine Socrates
    It what type of document (trust or will) set up a trust or made reference to a trust for the grandchild? There should have been a trust already set up or a testamentary trust within a will set up for the child. If not, and if the will states that one must be set up, then I would consult with an estate planning attorney to do so. You need to make sure that it is in compliance with the bank's requirements and it will be easier to do so if you work with an attorney.
    Answer Applies to: Ohio
    Replied: 9/16/2015
    Patrick W. Currin, Attorney at Law | Patrick Currin
    No, this must be done by deceased before death.
    Answer Applies to: California
    Replied: 9/16/2015
    Danville Law Group | Scott Jordan
    No, there is no such form. Attorneys are hired to expertly draft documents that fit your needs. How much money was left to your son? If it is a small amount, simply open an account at the bank with your wife as the signatory and make it a POD account to your son. When he turns 25, she can withdraw the money and give it to him.
    Answer Applies to: California
    Replied: 9/16/2015
    Law Offices of Robert H. Glorch | Jeffrey R. Gottlieb
    When you say he left him money "to be placed in a trust until he is 25" what is that based on that? That itself sounds like the trust. Is there no writing at all evidencing that this is how he left the money? Are these terms on the will, or some separate documents? Wherever those instructions are found that IS the trust. Work with an attorney.
    Answer Applies to: Illinois
    Replied: 9/16/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    The bank is correct, and if there was no trust in place at the time of the request, a conforming trust would have to be drafted and provided to the bank before it can open an account in the trust name.
    Answer Applies to: Michigan
    Replied: 9/16/2015
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