I have a irrevocable family trust. Am I allowed to open a personal account for the irrevocable trust, or do I need to open a business account? Is there a law on this?
The decision on what type of account to open usually rests on its intended use. If the trust is to be used generally for personal purposes, most banks would open the account as a personal account, although they would require that the trust provide an employer ID number from the IRS, and would generally not consider it a consumer account under consumer protection laws. If the trust plans to operate a business, most banks would require that a business account be opened.
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The decision on what type of account to open usually rests on its intended use. If the trust is to be used generally for personal purposes, most banks would open the account as a personal account, although they would require that the trust provide an 