Estate Planning 101

How to Transfer a First Internet Bank Money Market Account into a Trust

Navigate the complexities of moving your First Internet Bank Money Market Account into a trust with our step-by-step guide, designed to make the process straightforward and stress-free.
February 4, 2024

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A well-structured trust is a powerful tool for managing your assets and ensuring they're distributed according to your wishes after your demise. This also applies to your First Internet Bank Money Market Account. Transferring such an account into a trust is an essential piece of estate planning. Here's a step-by-step guide on how to make this transfer.

Understanding the Basics

The process involves shifting ownership of the account from your name to the trust. This requires preparation of certain documents and completion of specific forms provided by the bank. The type of trust you're setting up (revocable or irrevocable) will also influence the process.

Step-by-Step Guide on Transferring a First Internet Bank Money Market Account into a Trust

  1. Setting up a Trust: First, establish a trust if you haven't done so. You can set up a trust using online platforms or engage the services of an attorney if your situation is complex.
  2. Preparing Required Documents: Get your documents in order, including a certified copy of the trust agreement, a document proving the trustee's authority, and valid identification documents.
  3. Contacting First Internet Bank: Next, get in touch with First Internet Bank's customer service to let them know you wish to transfer your Money Market Account into a trust. You can contact them via their customer care line at 1-888-873-3424, or visit their official website for more information.
  4. Filling Out the Required Forms: First Internet Bank will provide you with the necessary forms to facilitate the transfer. Note that these forms may require notarization.
  5. Confirming the Transfer and Updating Account Information: After the bank processes the completed forms, they'll effect the transfer. Be sure to update your account information and confirm that everything is accurate.

Tips and Precautions

Here are a few tips to ensure a smooth account transfer:

  1. Ensure all information in your trust document is accurate and current.
  2. Keep copies of all documents and forms you submit to the bank.
  3. Ensure your trust has a Tax Identification Number (TIN), as it's required for tax purposes.

Remember that once you transfer the account into a trust, it is no longer owned by you but by the trust. Always seek professional advice to understand the implications.

First Internet Bank's Role in the Transfer Process

First Internet Bank is committed to providing assistance throughout the transfer process. Their representatives can provide guidance, necessary forms, and documentation. They also offer resources on trust management and estate planning to help you make informed decisions.

Conclusion

Transferring a First Internet Bank Money Market Account into a trust is a key step in protecting and managing your financial assets. It provides a secure plan for the future and ensures that your financial assets are distributed according to your wishes. Always seek professional advice during this process to avoid any legal or financial issues. Start today and take a step towards securing your financial legacy.