Trust accounts
Manage a trust bank account with confidence
Learn more about trust bank accounts at Chase
What is a trust?
A trust is a legal arrangement in which one party, known as the trustee, holds and manages assets for the benefit of another party, known as the beneficiary. The person who creates the trust is called the grantor or settlor. Trusts are used for various purposes, including estate planning, asset protection, and charitable giving.
What is a trust bank account?
A trust bank account is a type of deposit account that is established to hold funds on behalf of a trust. It is managed by the trustee, who is responsible for overseeing the account and ensuring that the funds are used in accordance with the terms of the trust.
Opening a trust bank account
To open a trust bank account, you should gather your trust documents and IDs, then schedule a meeting with a banker at a Chase branch.
Required trust documents
To get started, you should bring your certification of trust or other trust documents.
Trust document examples
- Trust agreement
- Certificate of trust
- Court order establishing trust
Other documents (if applicable)
- Power of attorney document
- State-required documents
- Trust amendment
- Death certificate
Required identification
All trustees will need primary and secondary IDs that confirm their current U.S. residential address.
All ID requirements are subject to change based on account or customer information. Please contact your local branch for additional ID requirements.
U.S. citizens
Primary ID examples
- Driver's license
- State ID
- U.S. Passport
Secondary ID examples
- Credit or debit card
- Bank statement
- Recent pay stub or utility bill in your name
Non-U.S. citizens
Primary ID examples
- Passport with photo
- U.S. Employment authorization card
- Matricula consular card
Secondary ID examples
- Driver's license
- Bank statement
- Recent pay stub or utility bill in your name
Schedule a meeting with a Chase banker
After you've gathered your documents, you will need to schedule a meeting with a banker to open or service your trust bank account. All trustees may need to be present at the meeting. If you are a client of JPMorgan Private Client, please reach out to your Relationship Manager or Senior Private Client Banker to open a trust account. You may have to visit a Chase branch more than once. Requirements may vary by state.
FAQs
A trust is a legal arrangement in which one party, known as the trustee, holds and manages assets for the benefit of another party, known as the beneficiary. The person who creates the trust is called the grantor or settlor. Trusts are used for various purposes, including estate planning, asset protection, and charitable giving.
Common types of trusts include revocable trusts, irrevocable trusts, living trusts, testamentary trusts, special needs trusts, and charitable trusts. Each type serves different purposes and offers various benefits.
A trust is a legal arrangement that can manage and distribute assets during and after the grantor's lifetime, while a will is a legal document that specifies how assets should be distributed after the grantor's death. Trusts can avoid probate, whereas wills typically go through the probate process.
Trusts have many benefits. They may offer asset protection and help with estate planning. Trusts can also provide tax advantages and may provide more control over how your assets are distributed. Trusts can also be used to support loved ones, contribute to charitable causes, and ensure smooth business transitions.
Before you set up a trust, it's a good idea to talk to legal and tax professionals. They can help make sure the trust fits what you want. After that, there are a few steps: decide what you want to do, pick the kind of trust, choose someone to manage it, draft the trust document (work with an attorney if you need help), put money or things into the trust, and check it often to make sure it still works for you.
A trust bank account is a type of deposit account that is established to hold funds on behalf of a trust. It is managed by the trustee, who is responsible for overseeing the account and ensuring that the funds are used in accordance with the terms of the trust.
A trust bank account can be opened by the trustee. To open the account, they need to bring trust documents. An agent with a power of attorney may be able to open a trust account if the trust and power of attorney allows an agent to open the account.
After you've gathered your documents, you will need to schedule an in-person meeting with a banker to open or service a trust bank account. At this time you cannot open a trust bank account online.