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?
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.
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.
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$