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  1. #1
    Join Date
    Mar 2013
    Posts
    1,279

    Default Banks Won't Open Account in Name of Living Trust

    My question involves estate proceedings in the state of: California

    Several years ago my attorney created a living trust for me and we placed all my properties and bank accounts in the name of the trust.

    I now wish to open two new bank accounts. The local brick and mortar banks offer a fraction of a percent in interest, while the internet banks are offering almost 2.5%, However, when I contact them, they will not open an account in the name of a living trust and instead, wish to put the accounts my name personally and list the trust as Pay on Death.

    What am I losing by not having the living trust listed as primary on the accounts?

  2. #2
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Banks Won't Open Account in Name of Living Trust

    Quote Quoting L-1
    View Post
    My question involves estate proceedings in the state of: California

    Several years ago my attorney created a living trust for me and we placed all my properties and bank accounts in the name of the trust.

    I now wish to open two new bank accounts. The local brick and mortar banks offer a fraction of a percent in interest, while the internet banks are offering almost 2.5%, However, when I contact them, they will not open an account in the name of a living trust and instead, wish to put the accounts my name personally and list the trust as Pay on Death.

    What am I losing by not having the living trust listed as primary on the accounts?
    Nothing really. All assets in a living trust are considered to be the property of the grantor for all tax and practical purposes so it really doesn't make much difference that the bank wants the accounts to be in your name with a POD for the trust.

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