Estate Planning 101

How to Transfer a Chase Savings Account into a Trust

Follow our step-by-step guide on transferring your Chase savings account into a trust, providing you with the necessary tools to manage your financial assets more effectively and plan for your future.
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

Transferring a Chase savings account into a trust is a strategic move in estate planning to manage and protect your assets more effectively. A trust is a legal entity that holds assets for the benefit of specific individuals, according to the terms you set. This process involves changing the ownership of the account from personal ownership to the trust. Here are the steps involved in this process:

The Transfer Process: An Overview

To successfully transfer your Chase savings account into a trust, you'll need to gather the required documents, complete the necessary forms provided by Chase, and verify the transfer. The whole process is structured to ensure a smooth and secure transition of your assets into the trust.

Step-by-Step Guide on Transferring a Chase Savings Account into a Trust

  1. Establish a Trust: The first step is to have a trust in place. If you haven't done so yet, you can set up a trust online or engage an estate planning attorney for this purpose.
  2. Prepare Necessary Documents: Gather the required documentation for the transfer, including a certified copy of your trust agreement, identification documents, and a document showing the trustee's authority.
  3. Contact Chase: Inform Chase of your intention to transfer your savings account into a trust. This can be done by calling Chase's customer service or visiting a branch in person. Chase's customer service number is 1-800-935-9935, and they are available 24/7.
  4. Fill Out Forms: Chase will provide you with the necessary forms to facilitate the transfer. Complete these forms as instructed, and be prepared to have them notarized, if required.
  5. Verify Transfer and Update Information: Once Chase processes the forms, they will transfer the account into the trust's name. Confirm this transfer and update your records accordingly.

Advice for a Smooth Transfer

Here are some tips to ensure that the process goes smoothly:

  1. Ensure the information in your trust document is accurate and updated.
  2. Make copies of all forms and documents submitted to the bank.
  3. Ensure that the trust has a Tax Identification Number (TIN), which is often required for tax purposes.

Transferring a savings account into a trust means that the trust, not an individual, owns the account, so it's always a good idea to consult with a legal or financial advisor to understand the implications.

Chase's Role in the Transfer Process

Chase is committed to supporting its customers during the transfer process. The bank provides you with the necessary forms and resources about trust management and estate planning to help you make informed decisions.

Conclusion

Transferring a Chase savings account into a trust is an important step in financial planning. It allows you to manage your assets according to your wishes and provides financial security. Always seek professional advice during this process to ensure the transfer goes smoothly and to avoid any potential legal or financial issues. Start your journey to secure your financial legacy today.