Estate Planning 101

How to Transfer a EverBank Money Market Account into a Trust

Safeguard your savings by mastering the process of transferring your EverBank Money Market account into a trust with our step-by-step blog post. Our guide provides essential information and tips to make the transition smooth and hassle-free.
February 4, 2024

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A trust is a legal arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary. This legal setup is a crucial part of estate planning, ensuring that your financial assets are managed and distributed as per your wishes. If you have a money market account with EverBank (now TIAA Bank), and wish to transfer it into a trust, this article will guide you through the process.

Understanding the Process

Transferring a money market account into a trust involves changing the account's ownership from an individual's name to that of a trust. The process requires certain documents, including the trust agreement and the trustee's identification. Furthermore, it involves the completion of specific forms provided by the bank.

Step-by-Step Guide on Transferring an EverBank Money Market Account into a Trust

  1. Setting up a Trust: Firstly, you need to set up a trust. This can be done online via various platforms, or for more complex situations, it's advisable to work with a legal professional.
  2. Gathering the necessary documents: Once your trust is set up, gather the necessary documents. These usually include a certified copy of the trust agreement, a document demonstrating the trustee's authority, and identification documents.
  3. Contacting TIAA Bank customer service or visiting a local branch: Inform TIAA Bank of your intention to transfer your money market account into the trust. You can do this by calling their customer service line or visiting a local branch. The TIAA Bank customer service number is 1-888-882-3837. They are available Monday to Friday from 8 a.m. to 6 p.m. ET. For further assistance, visit the official TIAA Bank website.
  4. Completing the required forms and tasks: The bank will provide you with the necessary forms to complete the transfer. Be prepared as these forms may require notarization.
  5. Confirming the transfer and updating account information: Once the forms are submitted and processed, TIAA Bank will transfer the ownership of the account to the trust. After this, update your account information and ensure everything is in order.

Tips and Precautions

Here are some tips to ensure a smooth transfer:

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

Remember, transferring a money market account into a trust means the account is now owned by the trust, not an individual. Always consult with a legal or financial advisor to understand the implications.

The Role of TIAA Bank in the Transfer Process

TIAA Bank is committed to assisting its customers during the transfer process. Their representatives can guide you through the steps, provide the necessary forms and documentation, and offer resources on trust management and estate planning to help you make informed decisions.

Conclusion

Transferring an EverBank money market account into a trust is a significant step in managing your financial assets. It ensures that your wealth is distributed according to your wishes, providing a sense of security for the future. Seek professional advice during this process to avoid any legal or financial pitfalls. Start safeguarding your financial legacy today.