1. Choose a bank.
2. Choose a name for your trust.
3. Appoint yourself as trustee with the Appointment of Trustee form PPT-3101.
4. Appoint a Successor Trustee (someone who can pass the asset on when you die) with form PPT-3102.
5. Complete the Declaration of Trust (form PPT-3104 A-F). Delete the word personal property from the title as some banks don't like those words....just have the title read Declaration of Trust.
6. In the Exhibit "A" part of the Declaration form list the lone, single asset of this trust as bank account at Whatever Bank.
7. Complete the directions to Trustee, PPT-3106, (that's you signed by the beneficiary, Trustee of another trust which is the beneficiary of the bank account trust) directing you as trustee to open a bank account.
8. Complete the Affidavit of Trust, PPT-3109. 9. Get an EIN number as described on page 136 in the Personal Property trust book.
10. Take all paperwork to the bank and sit down with the lady behind the desk. You are opening a bank account for a trust established for estate planning purposes. Any answer you might have will be in the paperwork or you don't know it. Use the Affidavit of Trust unless they demand the
You can reveal the Declaration as the beneficiary is another personal property trust. Make sure the beneficiary is another trust. Use the beneficiary trust to actually name beneficiaries but don't reveal any beneficiary in the paperwork you take to the bank. Also, make sure you as trustee of the first
trust is not also named as trustee of the second trust. The second named trustee had better be some one else who can pass this asset on if you die and the bank is expecting to see another name. It is a transparent trust and the bank won't do it if the trustee of both trusts is the same.
Sometimes they say they have to copy the trust itself. Let them. They say they will keep it but they never do and it comforts them to have you cooperate. As the first trust reveals nothing, it is okay to let them copy it. Lou doesn't like them to have a copy but in the real world sometimes it is more effective to appear to cooperate. The first trust reveals nothing...not even the address of the second trustee. It also lets the bank see someone will be responsible should the first trustee pass away. They seldom ask many questions if you let them have a copy of the EIN number which they need, and a copy of the declaration of the trust.
NEVER ever use that EIN or TIN number for anything else except establishing that bank account. This number becomes sacred and inviolate and don't ever give it out for any reason. Forget you have it.