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How should we be titling trust accounts? Most of our trust accounts include the name of the trustee in the account title, but some do not. – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

How should we be titling trust accounts? Most of our trust accounts include the name of the trustee in the account title, but some do not.

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Other than the IRS requirements for name controls, we are not aware of any legal restrictions on the titling of trust accounts. The IRS has stated that “[t]he name control for a trust or fiduciary account is developed from the name of the person in whose name the trust or fiduciary account was established. For example: Jonathan Periwinkle, Memory Church Irrevocable Trust.” IRS Publication 1586, p. 17.