Estate Planning 101

How to Transfer a BMO Harris Bank Money Market Account into a Trust

This blog post provides a step-by-step guide on how to securely transfer your BMO Harris Bank Money Market account into a trust, a crucial step in estate planning and wealth management.
February 4, 2024

Are you an executor or trustee?

Snug can help you get organized by providing one place to store and analyze Wills, Trusts, and other essential documents. You can inventory finances, personal property, digital assets, insurance, and more.
Get started for free

Want to get organized?

Snug can help you organize all of life's details by providing one place to store and analyze Wills, Trusts, and other essential documents. You can inventory finances, personal property, digital assets, insurance, and more.
Get started for free

Want to offer estate planning?

Snug is a complete estate planning solution built for Financial Advisors who want to save time and offer their clients more. Whether you have an UHNW client who needs their documents analyzed or a mass affluent client getting their first Trust, we can help.
Get started for free

Need a Will or Trust?

Snug makes it easy to create a Will or Trust in under 20 minutes. Powers of Attorney and Health Care Directives are included for free with any Will or Trust, as is a year of free updates.
Get started for free

A trust is a legal entity created to hold ownership of an individual's assets, which can include real estate, investments, and bank accounts, among other things. It is a key part of estate planning, ensuring that a person's wealth is managed and disbursed according to their wishes. This article provides a step-by-step guide on transferring a BMO Harris Bank Money Market account into a trust.

Understanding the Transfer Process

The process of transferring a money market account into a trust involves changing the ownership of the account from an individual's name to the trust's name. This requires several documents, including the trust agreement and identification, and the completion of specific forms provided by the bank.

Guide on Transferring a BMO Harris Bank Money Market Account into a Trust

  1. Creating a Trust: The first step is to establish a trust. You can create one online with various services or consult with an attorney for more complex situations.
  2. Gathering Required Documents: Once your trust is established, gather the necessary documents. These typically include a certified copy of the trust agreement, a document that verifies the trustee's authority, and identification documents.
  3. Contacting BMO Harris Bank: Next, reach out to BMO Harris Bank to inform them of your intent to transfer your money market account into the trust. You can do this either by calling their customer service line or visiting your local branch. The BMO Harris Bank customer service number for personal banking is 1-888-340-2265. You may also visit the official BMO Harris Bank website or a local branch for more information.
  4. Filling the Required Forms: BMO Harris Bank will provide you with the necessary forms to complete the transfer. Note that these forms may require notarization.
  5. Confirming the Transfer and Updating Account Information: Once the forms are processed, BMO Harris Bank will change the ownership of the account to the trust. Ensure that your account information is updated and accurate.

Tips and Precautions

Here are some tips to ensure a successful transfer:

  1. Ensure your trust document is accurate and up-to-date.
  2. Keep copies of all submitted documents and forms.
  3. The trust must have a Tax Identification Number (TIN) for tax purposes.

Remember, once you transfer a money market account into a trust, the account is owned by the trust and not by an individual. It is always recommended to seek professional advice to understand the implications of this process.

BMO Harris Bank's Role in the Transfer Process

BMO Harris Bank is committed to assisting its customers during the transfer process. The bank's representatives can guide you through the steps and provide the necessary forms and documentation. They also offer resources on estate planning and trust management to help you make informed decisions.

Conclusion

Transferring a BMO Harris Bank Money Market account into a trust is a significant step towards securing your financial legacy. It ensures that your assets are managed according to your wishes, providing peace of mind for the future. Remember to seek professional advice to navigate this process smoothly and avoid potential legal or financial pitfalls. Secure your financial legacy today by taking this important step.