Estate Planning 101

How to Transfer a Live Oak Bank Savings Account into a Trust

This blog post provides a step-by-step guide on how to transfer a Live Oak Bank savings account into a trust, a strategic move to protect your assets and ensure a smooth transition of wealth.
February 4, 2024

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Trusts are a powerful tool for estate planning, allowing for effective management and distribution of assets. Transferring a savings account into a trust can be a crucial part of this process, ensuring that the funds within the account are handled according to the trustor's wishes. This article will provide a step-by-step guide on how to transfer a Live Oak Bank savings account into a trust.

Understanding the Basics

Transferring a savings account into a trust involves changing the account owner from an individual to a trust. This process requires certain documentation, including a certified copy of the trust agreement, proof of the trustee's authority, and identification documents. You will also need to fill out specific forms provided by the bank.

Step-by-Step Guide on Transferring a Live Oak Bank Savings Account into a Trust

  1. Trust Establishment: The first step is setting up a trust. Online resources such as Snug can be used for simple trust creation. However, for more complex situations, legal advice from an attorney is highly recommended.
  2. Document Preparation: Once the trust has been established, prepare all necessary documents. These will typically include a certified copy of the trust agreement, proof of the trustee's authority, and identification documents.
  3. Contacting Live Oak Bank: Reach out to Live Oak Bank to inform them of your intention to transfer your savings account into the trust. You can contact them through their customer service line at 1-866-518-6142 or via the official Live Oak Bank website.
  4. Filling Out Required Forms: Live Oak Bank will provide specific forms necessary to carry out the transfer. These forms may need to be notarized, so be sure to plan accordingly.
  5. Transfer Confirmation and Account Information Update: Once the forms have been submitted and processed, Live Oak Bank will transfer the ownership of the account to the trust. Make sure to update your account information and verify that the transfer has been completed correctly.

Tips and Considerations

Here are some tips to make the transfer process smoother:

  1. Ensure all the details in your trust document are accurate and up-to-date.
  2. Keep copies of all documents and forms submitted to the bank.
  3. Obtain a Tax Identification Number (TIN) for the trust, as this is essential for tax purposes.

Note that once a savings account is transferred into a trust, the account is owned by the trust, not the individual. Always consult with a legal or financial advisor to understand the implications of this process.

Live Oak Bank's Role in the Transfer Process

Live Oak Bank is dedicated to assisting its customers 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 customers make informed decisions.

Conclusion

Transferring a Live Oak Bank savings account into a trust is a significant step in securing your financial legacy. The process ensures that your assets are managed and distributed according to your wishes, providing peace of mind for your future. Always seek professional advice to navigate this process and avoid any potential legal or financial complications. Start safeguarding your financial future today.