Estate Planning 101

How to Transfer a KeyCorp Checking Account into a Trust

Explore the step-by-step process of transferring your KeyCorp checking account into a trust. Gain valuable insights and vital information to streamline the process and safeguard your financial assets effectively.
February 4, 2024

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Trusts are powerful estate planning tools that can help manage your assets during your lifetime and beyond. Transferring a checking account into a trust can provide you with a range of benefits, such as avoiding probate and providing for minor beneficiaries. If you have a KeyCorp checking account, this step-by-step guide will help you transfer it into a trust.

Understanding the Basics

Transferring a checking account into a trust involves changing the account's ownership from an individual to a trust. This requires certain legal documents, like the trust agreement, and completing specific forms provided by KeyCorp.

Step-by-Step Guide on Transferring a KeyCorp Checking Account into a Trust

  1. Setting up a Trust: The first step is creating a trust. This can be done online with online services such as Snug or by consulting with an attorney.
  2. Gathering the necessary documents: Once the trust is established, you need to gather the required documents. These usually include a certified copy of the trust agreement, a document proving the trustee's authority, and identification documents.
  3. Contacting KeyCorp customer service or visiting a local branch: Inform KeyCorp of your intention to transfer your checking account into the trust. You can do this by calling their customer service line or visiting your local branch. KeyCorp's customer service number for personal banking is 1-800-539-2968.
  4. Completing the required forms and tasks: KeyCorp will provide you with the necessary forms to complete the transfer. These forms may require notarization, so be prepared for this step.
  5. Confirming the transfer and updating account information: Once the forms are processed, KeyCorp will transfer the ownership of the account to the trust. Make sure to update your account information and ensure all details are correct.

Tips and Precautions

While the process may seem straightforward, here are some tips to ensure a smooth transfer:

  1. Ensure the information in your trust document is accurate and up-to-date.
  2. Maintain copies of all documents and forms submitted to KeyCorp.
  3. Ensure the trust has a Tax Identification Number (TIN), which is necessary for tax purposes.

Remember, transferring a checking account into a trust means the account is now owned by the trust, not an individual. Always seek advice from a legal or financial advisor to understand the implications.

The Role of KeyCorp in the Transfer Process

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

Conclusion

Transferring a KeyCorp checking account into a trust is an important step in managing your financial assets and preparing for the future. With careful planning and professional advice, you can ensure your wealth is managed and distributed according to your wishes. Take control of your financial future today.