Setting up a bank account for a trust when co-trustees can't sign together (Wells Fargo, deposit)

[dtronvig]

So I need open a checking account in the name of a revocable trust. I'm in Eugene, Oregon, and my co-trustee is up in Seattle Washington. Of course both of us will need to sign some documents, but I was hoping that I could sign any documents before a notary down here and then mail that original to my co-trustee to sign up there.

When I walked into Wells Fargo I was told that a trust certification would have to be signed and notarized with both of us in front of a notary at the same time. If we absolutely have to arrange that I suppose we could, but it would be a considerable hassle for something that seems so simple.

We really just need some sort of account to receive liquidated assets of the trust and then disburse those to the beneficiaries. Is there some way to set up an account to do that without somebody having to travel? Maybe this is just Wells Fargo being particularly careful, but they made it sound like any notarized document to be signed by two people inherently requires both people to show up together.

[Gandalara]

Ask the bank to show you the law where you can't have 2 separate signature trust certifications for the same trust. What would they suggest if one person was on the East coast? Keep going up the people ladder until you get the answer you want.

The way I did it - -
We were both retired, so we didn't mind travel - We both went to the bank together once (USBank).
One person drove down, kept her receipts, and then the trust paid for gas & hotel.
The trust checking account was set up for one signature and online banking at that first visit.
(The bank even tried to argue with us about that. We said "do it - we're 600 miles apart! Or we're going to another bank.")
And we never needed a 2nd signature again.


Don't know about revocable trusts, but - the IRS requires an irrevocable trust to have its own tax ID number for tax reporting purposes. We applied online with the IRS and got it immediately - it was needed to open the checking account. So find out if you need that number before you go to the bank.

[dtronvig]

Well, I'm hoping it'll be easier to find a bank or whatever that'll accept the separate notarizations than to persuade Well Fargo's legal department.

Even with Wells Fargo we'd only need to get together once. I guess I'm hoping someone has managed this at some bank. Or really any place that can accept trust assets and then disburse them to individuals.

The revocable trust just uses our late mom's SS# as the T.I.D, and everybody's fine with that.

[GCPA]

Originally Posted by dtronvig

Well, I'm hoping it'll be easier to find a bank or whatever that'll accept the separate notarizations than to persuade Well Fargo's legal department.

Even with Wells Fargo we'd only need to get together once. I guess I'm hoping someone has managed this at some bank. Or really any place that can accept trust assets and then disburse them to individuals.

The revocable trust just uses our late mom's SS# as the T.I.D, and everybody's fine with that.

You might want to try setting up an account at a discount brokerage firm. They might not be as fussy or at a mutual fund company that has a money market fund that you can write checks on.

Also, if your mom is deceased, I believe the trust automatically becomes irrevocable and you can no longer use her SSN. A new TIN will need to be used.

[dtronvig]

I actually have a brokerage account for the trust pending with TradeKing. Some shares (the bulk of the assets) will get transferred there, and I'm hoping that we can then at least transfer those shares to individual brokerage accounts. We also have some checks written to the trust, and maybe those can be processed through the trust brokerage account.

It would in any case make everything straightforward if we can set up a bank account for the trust, and I'm calling around to see about doing that with separate notarization.

Everybody seems happy to continue to call this by the name of the revocable trust, and all we have to do is show some record of some account in the name of the trust that has used mom's SS# as the T.I.N.

[Harpaint]

if she is deceased you cannot use her ss. I went through it last year with my dad. Getting a new TIN is simple though.

[GCPA]

Originally Posted by dtronvig

I actually have a brokerage account for the trust pending with TradeKing. Some shares (the bulk of the assets) will get transferred there, and I'm hoping that we can then at least transfer those shares to individual brokerage accounts. We also have some checks written to the trust, and maybe those can be processed through the trust brokerage account.

It would in any case make everything straightforward if we can set up a bank account for the trust, and I'm calling around to see about doing that with separate notarization.

Everybody seems happy to continue to call this by the name of the revocable trust, and all we have to do is show some record of some account in the name of the trust that has used mom's SS# as the T.I.N.

Everybody but the IRS....maybe?

If you are already setting up a trust account with TradeKing, deposit the checks there. You should be able to apply for check writing privileges on the cash account within the account. Or, you can instruct them when the time comes to issue checks/transfer the money to the appropriate parties. There really is not a need for a separate bank account unless you foresee a need to write a lot of small checks in conducting the trust's business until the assets are distributed.

[moved]

I would go to another bank, Wells Fargo won't want to cooperate with you.