Estate Planning 101

How to Transfer a Nationwide Bank Money Market Account into a Trust

Discover the step-by-step process of transferring your Nationwide Bank Money Market Account into a trust through our detailed guide. Learn the essentials of this financial strategy to secure your assets and safeguard your financial future.
February 4, 2024

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A trust is an essential estate planning tool that allows you to manage how your financial assets will be handled and passed on to beneficiaries. Transferring a Money Market Account from Nationwide Bank into a trust is a method of ensuring that your financial resources are managed according to your wishes. In this blog post, we will guide you on how to make this transfer.

Understanding the Process

Transferring a Money Market Account into a trust involves changing the account's ownership from an individual to the trust. This process requires specific documents, such as the trust agreement and the trustee's identification, and entails filling out forms provided by the bank.

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

  1. Setting up a Trust: First, you need to establish a trust. Depending on your situation, you may choose to set up a trust online or work with an attorney.
  2. Gathering the Necessary Documents: After setting up the trust, gather the required documents. These may include a certified copy of the trust agreement, a document verifying the trustee's authority, and identification documents.
  3. Contacting Nationwide Bank Customer Service or Visiting a Local Branch: Inform Nationwide Bank of your intent to transfer your Money Market Account into the trust. You can do this by calling their customer service or visiting your local branch. The Nationwide Bank's customer service number is 1-877-422-6569. They are available from Monday to Friday, 8 a.m. to 8 p.m. ET. Also, check the official Nationwide Bank website for additional assistance.
  4. Completing the Required Forms and Tasks: Nationwide Bank 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 Nationwide Bank processes the forms, the bank will transfer the ownership of the account to the trust. Check to ensure that your account information is updated and accurate.

Tips and Precautions

Here are some tips to ensure the process goes smoothly:

  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), which is required for tax purposes.

Remember, transferring a Money Market Account into a trust means the account is now owned by the trust and not the individual. Always consult with a legal or financial advisor to understand all implications.

The Role of Nationwide Bank in the Transfer Process

Nationwide Bank is committed to helping its customers throughout the transfer process. The bank's representatives can guide you through the necessary steps, provide the required forms and documents, and offer resources on trust management and estate planning to help you make informed decisions.

Conclusion

Transferring a Nationwide Bank Money Market Account into a trust is a crucial step in managing your financial assets. It ensures your assets are distributed according to your wishes and provides security for the future. Remember to seek professional advice during this process to avoid any potential legal or financial pitfalls. Begin your journey towards securing your financial legacy today.