Yup, another Trust question...............................

[Voldemort]

Is it necessary to set up a bank account to hold a "body" of funds for the trust? My form says to, but I hate to open a dedicated account that requires a certain balance. What say ye?

 

[DanVoils]

The Trust must have something of value in it when it is opened. I personally used a dollar bill and listed the serial number on the Schedule A. I know of a lot of people who have done similarly using 5's 10's and even 2 dollar bills.

 

[Voldemort]

The Trust must have something of value in it when it is opened. I personally used a dollar bill and listed the serial number on the Schedule A. I know of a lot of people who have done similarly using 5's 10's and even 2 dollar bills.

Cool, so just keep the buck with the trust paperwork?

 

[KUJO2388]

I did 1 us dollar. I kind of wish I would have used a postage stamp. Probably would have been funny.

 

[Tanfodude]

What? This is new to me. And what form does it say? I thought that the items on schedule will be of enough value.

 

[RobbyMaQ]

I put a ruger 10/22 in it with serial #.
A buck is fine... not sure you need a bank account, as the trust specifies everyone has access to it's holdings.
bank account would likely mean everyone would need to have access to it. No need to overcomplicate things... worse, have to pay a 5$ service charge after a month and be -4$

 

[Nicu757]

I put one US dollar and three stamps been threw no problem
no serial # either

 

[Beowulf]

Yeah, I don't think you need to specify which specific dollar bill it is. It just means that $1 would be taken out of your estate for the trust.