To open your trust account at a local bank you will need to have the following to take with you (Do NOT take additional documents it will only confuse them!).
Please also note that not all banks will open a business trust account, you may need to try more than one bank to find success. If you have issues at one bank simply try another.
A word to the wise is to call a few branches first and ask if you can e-mail the documentation so that their legal department can review it as you do not wish to waste a trip and time that is unnecessary.
Contributed by SovereignC0nnection.com
Comments
Steven Buchanan October 29, 2019 at 9:47 am
I just had my personal bank account turned into a Trust account, transforming the “U.S. Person” into a Trust. It was crazy having the social # deleted from the account as I am now an American National, Trustee; no longer bearing the “Mark”. I just thought of this, if it is a “Personal” Irrevocable Trust account, will it be a big deal or cause issues later on in the future if it was not converted into a business account?
I was reading information on this site and after remembering how I did my account, that is the only difference.
Remedy October 30, 2019 at 9:47 am
Personal Trust accounts are public accounts. You should have had your Bailors Trust created when you did your SPC which is to be used as a Private Administrative Trust which means you would use a Business Trust Account not a Personal Trust Account. Taxation is done different since your Personal Trust Account appears as an alter ego on paper and offers no level of separation for you and your property. Anything you put into a personal trust account is deemed as an income from the beginning.
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