Can Trustee “Draw Money” From Trust Bank Account to Pay For Service or Goods Personally
No, a trustee may
not withdraw funds from a trust bank account to pay for personal services or
goods that do not benefit the trust in some way. However, draws by the trust to
pay trustees, for services, etc. is perfectly acceptable.
Related Articles
What Does One Need To Open A Trust Bank Account
First, ensure the Trust Corpus and forms are properly filled out (do not sign them yet). Next, get the EIN from the IRS, online. With these materials in hand, set up an appointment for one of the following banks: Chase Bank TD Ameritrade PNC CitiBank ...
Does The Trust Bank Account Need To Be A Personal or Business Account
One does not need a business account for the trust except when building corporate credit. What matters is that the account is non-interest bearing.
Driver's License or Passport For Opening Trust Bank Account
It does not matter. The bank accepts both and they are equally private. If absolute privacy is required, this is where a registered banking agent comes in. Through a one-time appointment of an agent with banking privileges to open a bank account on ...
Does Chase Bank Require A Co-Trustee
Chase requires a co-trustee to sign the document, but the trustees can sign the document prior to an appointment with the bank. Bring the trust indenture and trustee appointment documents when opening the trust bank account.
Union Bank in California for Trust Account
For students living in California, Union Bank will open up a trust bank account with zero review (thus guaranteed approval). Union Bank does trust accounts with non-interest bearing personal checking accounts only. While it is opened using a ...