How do i set up a trust account? Can I just go to a bank or do I need a lawyer?
If you want to set up an account in your name "in trust for" someone that you intend to receive the funds upon your death, you can deal directly with the bank in those states that accept that kind of account title. That's what is often referred to as a "Totten" trust, with no formal trust agreement. It is set up specifically to create a transfer outside the probate process upon the account owner's death. The designation can be changed to name a different beneficiary or to cancel the designation altogether at any time during your lifetime.
If you want to set up a bona fide legal trust under a trust agreement, you should seek the advice of an attorney first and create the trust. Then talk to the bank about an account for the trust.
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If you want to set up an account in your name "in trust for" someone that you intend to receive the funds upon your death, you can deal directly with the bank in those states that accept that kind of account title. That's what is often referred to as a "Totten" trust, with no formal trust agreement. It is set up specifically to create a transfer outside the probate process upon the account owner's death. The designation can be changed to name a different beneficiary or to cancel the designation altogether at any time during your lifetime.