Depositing a check made out to our family trust

Get Legal Help Today

 Secured with SHA-256 Encryption

Depositing a check made out to our family trust

Our bank refused to deposit our check made to our family trust to our personal
checking account. They said we would have to open a separate trust checking
account in order to make the deposit. Is there a legal basis for this?

Asked on August 15, 2018 under Estate Planning, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

Yes, there are many reasons for the requirement of a separate account.  Mostly, there is a fiduciary duty of the Trustee to account for Trust funds and not to co-mingle the funds.  Trusts also pay taxes and need to keep copious records.  Open a separate account.  Good luck.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption