To set up a trust fund bank account, you need three things: a certification of trust, government-issued photo ID for every trustee, and the correct tax identification number — the grantor’s Social Security number if the trust is revocable, or an Employer Identification Number (EIN) if it is irrevocable. Most banks require an in-person appointment, and the account must be titled in the trust’s exact legal name. The sequence below covers each step and the choices that determine which documents you need.
Start With Whether the Trust Is Revocable or Irrevocable
This is the first thing to settle, because it controls which tax ID the account uses and how income is reported.
A revocable living trust is treated as an extension of the grantor while the grantor is alive. The account uses the grantor’s Social Security number, and income is reported on the grantor’s personal return. No separate EIN is required during the grantor’s lifetime, as long as the trustee furnishes the grantor’s name and taxpayer identification number to all payers.1IRS. Instructions for Form SS-4
An irrevocable trust is a separate legal entity. It must have its own EIN, file its own return, and report income independently. A revocable trust also needs an EIN once the grantor dies, because at that point it becomes irrevocable and can no longer use the grantor’s Social Security number.1IRS. Instructions for Form SS-4 Federal regulations require any trust, as a nonindividual entity, to use an EIN when it must furnish a taxpayer identification number.2eCFR. 26 CFR 301.6109-1 – Identifying Numbers
Get an EIN If You Need One
If the trust is irrevocable, or if the grantor of a formerly revocable trust has died, apply for an EIN before going to the bank. The fastest option is the IRS online application at IRS.gov/EIN, which issues the number immediately. The applicant must have a valid Social Security number or existing EIN, and the trust must have a principal place of business in the United States.1IRS. Instructions for Form SS-4
You will need the legal name of the trust exactly as it appears in the trust document, the name and taxpayer ID of the grantor (listed as the responsible party), and the name of the trustee. Fax and mail options exist using Form SS-4, but mailed applications can take up to four weeks.
Gather Your Documents
Certification of Trust
The main document the bank wants is a certification of trust, sometimes called a memorandum or abstract of trust. It is a condensed version of the trust agreement that gives the bank what it needs without disclosing beneficiaries or distributions.3LII / Legal Information Institute. Certification of Trust Most states have adopted provisions based on the Uniform Trust Code that let banks rely on this certification instead of demanding the entire trust document.
A proper certification of trust should include:
- Confirmation the trust exists and the date it was created
- Identity of the grantor
- Names and addresses of all current trustees
- Relevant powers of the trustee, including authority to open and manage financial accounts
- Whether the trust is revocable or irrevocable
- Co-trustee signing authority, if more than one trustee serves — specifically whether all co-trustees must act together or any one can act alone
The certification does not need to include who gets what. A bank may ask for excerpts from the trust document that designate the trustee and spell out trustee powers, but it cannot demand the entire trust instrument.3LII / Legal Information Institute. Certification of Trust The attorney who drafted the trust can usually produce the certification.
Trustee Identification
Every trustee listed on the account must present unexpired government-issued photo ID, typically a driver’s license or passport. Under the Bank Secrecy Act and federal customer identification rules, banks must verify the identity of any person with control over a legal entity’s funds. For revocable trusts, the bank may also need to verify the grantor’s identity if that person is different from the trustee.4Financial Crimes Enforcement Network. Interagency Interpretive Guidance on Customer Identification Program Requirements Under Section 326 of the USA PATRIOT Act
Information to Have Ready
Alongside the physical documents, come prepared with:
- The tax identification number: the grantor’s Social Security number for a revocable trust, or the trust’s EIN for an irrevocable trust
- The full legal name of the trust, matching the trust document exactly (for example, “The Smith Family Revocable Trust, dated January 15, 2025”)
- Names and addresses of all current trustees, and any successor trustees the bank asks about
- Your initial deposit — many banks require a minimum opening balance
The legal name matters more than it looks. The account title, bank records, and every future transaction will reference it, so even a small discrepancy between your application and the trust document can create problems later.
At the Bank
Most banks require an in-person visit. The banker needs to review your certification of trust, confirm trustee authority, and match ID documents, which online systems generally cannot handle. Ask for an appointment with someone who handles fiduciary or business accounts; not every branch representative is trained in trust setup.
The banker will enter the trust information into the bank’s system and generate the account agreement. The key step is the signature card, which establishes who can sign checks, authorize wires, and manage day-to-day operations. If the trust has multiple trustees, the signature card reflects the signing arrangement the trust document specifies — any one trustee acting alone, or all required to sign together. After the signature card is finalized, the bank performs a final verification. Some institutions open the account the same day; others take a few business days for compliance review.
Fund the Account in the Trust’s Name
Once the account is open, you can fund it by wire, paper check, or electronic transfer. Every deposit must be made payable to the trust by its full legal name, not to the trustee personally. A check made out to “John Smith” does not belong in a trust account, and depositing it anyway is exactly the kind of asset mixing trust law prohibits.
Keeping trust funds separate from personal funds is a core fiduciary obligation, not a formality. Courts generally presume that a trustee who commingles funds intended to misuse them, and the trustee bears the burden of proving otherwise. A beneficiary can ask a court to reverse tainted transactions, and in serious cases the court can remove the trustee and appoint a replacement. Document every deposit, withdrawal, and transfer, and keep the account titled in the trust’s name.
Co-Trustee Signing Authority
When a trust names two or more co-trustees, the trust document controls how signing works at the bank. Most trust agreements allow any single trustee to handle routine transactions — checks, deposits, small transfers — while requiring agreement from all trustees (or a majority) for major decisions. Under the Uniform Trust Code framework adopted by most states, co-trustees who cannot reach a unanimous decision may act by majority vote.
The bank looks to the certification of trust to determine each trustee’s authority. If the trust requires all co-trustees to sign, the signature card will be set up that way, and no one trustee can act alone. If the trust lets any trustee act independently, each trustee gets independent access. Make sure the certification addresses this clearly. Ambiguity here causes real problems when a trustee needs to move quickly.
FDIC Insurance on Trust Deposits
Trust deposits at FDIC-insured banks receive more coverage than standard personal accounts, but the math is different. Instead of a flat $250,000 per depositor, trust coverage is calculated per beneficiary: each trust owner is insured up to $250,000 for each eligible beneficiary named, with a maximum of $1,250,000 when five or more beneficiaries are named.5FDIC. Trust Accounts
The formula is owners × beneficiaries × $250,000. A trust with one owner and three beneficiaries is insured up to $750,000 at one bank. The FDIC combines all trust deposits a single owner holds at the same institution — revocable, irrevocable, and informal — when calculating coverage.5FDIC. Trust Accounts For large balances, spreading deposits across multiple banks can increase total insured coverage.
What Happens After the Account Is Open
Tax Filing
If the trust earns $600 or more in gross income during the tax year, the trustee must file Form 1041, the federal income tax return for estates and trusts. For calendar-year trusts, the deadline is April 15 of the following year. The exception for revocable grantor trusts applies here too: while the grantor is alive, the trust’s income is reported on the grantor’s personal return, and no Form 1041 is required. The filing obligation kicks in once the trust becomes irrevocable, typically after the grantor’s death. When an irrevocable trust distributes income to beneficiaries, the trustee prepares a Schedule K-1 for each one, attaches copies to Form 1041, and provides each beneficiary with their K-1 by the same deadline.6IRS. 2025 Instructions for Form 1041
Trustee Succession
Transitions at the bank do not happen automatically. When a trustee dies, the successor named in the trust typically presents a certified copy of the death certificate, the certification of trust (or the full trust) showing their authority, and their own photo ID. The bank updates the signature card and transfers authority. If the trust was revocable and used the deceased grantor’s Social Security number, the successor must now apply for an EIN, since the trust has become irrevocable.1IRS. Instructions for Form SS-4 When a trustee is incapacitated rather than deceased, most trust documents require written certification from one or two physicians before a successor can step in, and the bank may add its own verification requirements. Contact the bank early in that process.