When to use Trust Letter to Bank or Broker
If you have decided to take advantage of the benefits of setting up a living trust, you will simply need to keep the terms of that trust in mind as you approach your finances from now on. Under certain circumstances, you may choose to alter the terms of the trust. But ordinarily, the primary financial burden associated with maintaining a living trust involves transferring income, property and/or other assets into the trust at various points in time. Certainly, not every living trust requires this kind of general financial maintenance. However, if you find yourself thinking about transferring a bank account and/or other investments to your living trust, you will need to take a few steps in order to finalize that transition. Specifically, you will need to submit a trust letter to your bank or broker before your accounts, investments and/or other assets can be transferred from your personal control to your living trust.
If you need to transfer stocks, bonds, a checking account and/or a savings account from your personal control to a living trust, you can use this letter to accomplish those goals in a clear, professional way. Whether you are opting to transfer accounts or securities, the process of alerting your bank or broker to begin this process is the same. It is worth noting that your bank and/or broker may require additional documentation later in the process of transferring these securities or accounts. However, submitting this form will get the process rolling. Please consider keeping a copy of your request for your files in case you ever need to reference it in the future. Once completed, you may want to file all related paperwork with the rest of your estate planning documentation.