There are many different types of trustee accounts. As a trustee you have authority over the bank account and only you can make withdrawals. You can be a trustee for a minor child or for someone that the state has determined needs a trustee. Many things are considered when you open a trustee account, such as state laws. A trust document should be prepared by an attorney. This document appoints the trustee and describes the duties and requirements.
Step 1
Go to the bank of your choice. Speak to a relationship banker or a sales associate. Tell her you want to open a trustee account. Tell her who will be on the account and what that person's status is. Provide correct identification. You will need either a driver's license, state identification, passport or military identification. An opening deposit of $25 to $100 will be needed to open the account, depending on the bank's policy.
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Step 2
Determine the type of trustee account. If you are opening a trustee account for a minor you will need the minor's Social Security number. You will be able to open a savings account. There is no need to have the child with you. Only you can withdraw from the account. The account will read as follows, "John Smith (your name), trustee for Michael Smith (child's name).
If you are the trustee of an account for an adult, take that person with you. He will need his identification. Take the trust document or certification issued by the court appointing you as trustee. The account will read, "John Smith" (your name), trustee for Joe Smith. Some trustee accounts require a tax Identification number, which the trustee has to apply for.
Step 3
Turn all of your paperwork over to the bank representative. She will open the account and provide you with all of the details. Sign all of the appropriate documents. The relationship banker will make copies of the paperwork you provided and return your original documents. Make sure you get copies of the paperwork that you signed and put them with your other paperwork and documentation. Verify with the relationship banker how often you will receive your statements.
Warning
Don't prepare the trust documents on your own without an attorney. There could be technical aspects you don't understand.
Your attorney will know the exact type of trustee you need and the state requirements involved.
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