[Zbizzle911]

Im filling out my trust paper work and I got a templet I'm using. It has a section talking about funding the trust and creating a trust bank account. Do I have to do this? I was under the assumption that I could just write personal checks out of my bank account for trust items I was buying. Thanks in advance!

 

[Butter]

You can write checks from your account. I do have a trust account, but theres less than $50 in it. I bought some land with my personal account, but the trust is listed on the deed. Thats a small example

 

[mckenziedrums]

You can leave it blank

 

[cranbiz]

Some attorney's say that you need to do this, some people just list $200 cash on schedule A. I don't have a bank account, just have $200 listed on schedule A and pay for efile fees with my debit card. You can open a checking account for the trust and pay by a check drawn on the trust account but it's not necessary.

 

[Zbizzle911]

Thanks I'll just leave it blank and see how it goes

 

[jkupp2000]

Thanks I'll just leave it blank and see how it goes

You will be fine. Oh wait I meant you are going to jail for a very long time.

 

[TARHEELSTATE]

Im filling out my trust paper work and I got a templet I'm using. It has a section talking about funding the trust and creating a trust bank account. Do I have to do this? I was under the assumption that I could just write personal checks out of my bank account for trust items I was buying. Thanks in advance!

I have been told that is is good to have one set up in the name of the trust if the trust will hold money. For just NFA items, from what I have been told, it does not matter.

 

[tsconver]

Im filling out my trust paper work and I got a templet I'm using. It has a section talking about funding the trust and creating a trust bank account. Do I have to do this? I was under the assumption that I could just write personal checks out of my bank account for trust items I was buying. Thanks in advance!

I have transferred most of the suppressors I have sold to trusts that have no assets listed on the schedule. I think 2 of my customers actually had set up checking accounts in their trust names.

 

[Zbizzle911]

Ok thanks again! I've got my trust filled out and I'm not going to open a banking account. Just gotta get it notarized and sent in!

 

[rchrds]

I'm not authority, but I got one anyway with no hassle from my regular bank, and it came with a debit card, which is really easy to pay the new eForms with.