Trustee Instructions

Darol March 21, 2025

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Your Role as Trustee: Simple and Straightforward

Your responsibilities are very limited:

Set up a bank account for the trust
Receive money that The Trustor, i.e., the trust creator. will deposit
Use this money to purchase the life insurance policy
Make sure premium payments happen on time

Step-by-Step Guide to Setting Up the Trust Bank Account

Step 1: Get an Employer Identification Number (EIN)

An EIN is like a Social Security Number, but for the trust. It's completely free to obtain.
Option A: Apply Online (Fastest Method - Immediate Approval)

Go directly to: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
Click the "Apply Online Now" button
Select "Trust" when asked about the type of entity
Follow the prompts to complete the application
Write down or print the EIN immediately when provided

Option B: Apply by Fax (Takes about 4 business days)

Download Form SS-4 from: https://www.irs.gov/pub/irs-pdf/fss4.pdf
Fill out the form (Call me if you need help)
Fax the completed form to: 855-641-6935

Option C: Apply by Mail (Takes about 4 weeks)

Download Form SS-4 from: https://www.irs.gov/pub/irs-pdf/fss4.pdf
Fill out the form (Call me if you need help)
Mail the completed form to:
Internal Revenue Service
Attn: EIN Operation
Cincinnati, OH 45999

Step 2: Gather Your Documents

You will need these items to open the bank account:

Trust Agreement: This is the full legal document that creates the trust. I will send you a copy after Bob signs it.
Certification of Trust: This is a shorter summary of the trust that proves you have authority to act as trustee. Banks prefer this because it doesn't reveal all the private details in the full trust. I will prepare this for you and send it with the Trust Agreement.
EIN Confirmation Letter: This is the letter or printout showing the trust's tax ID number that you'll receive after completing Step 1.
Your Personal ID: Your driver's license or passport.

Step 3: Choose a Bank

Any bank will work, but here are some tips:

You can use your own bank if you already have an account somewhere
Credit unions often have lower fees than large banks
Ask the bank representative specifically for a "trust checking account"

Step 4: Visit the Bank

Call ahead to make an appointment if possible
Bring ALL your documents
Tell them you need to open a checking account for an irrevocable trust
Make sure the account name is set up exactly as: <Insert Name of Trust Here>
You will need to sign the bank's signature card as trustee

Step 5: After Opening the Account

Get the account number and routing number
Ask for checks if you think you'll need them
Set up online banking access

Categories: Free Article

Darol

Attorney. Podcster.

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