Estate Planning 101

How to Transfer a SunTrust Checking Account into a Trust

Navigate the process of securing your financial assets by transferring your SunTrust checking account into a trust with the aid of our step-by-step guide.
February 4, 2024

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A trust is a legal entity that holds assets for the benefit of another person, the beneficiary. Trusts are critical financial planning tools that can help manage wealth, protect assets, and potentially save on taxes. As such, transferring a checking account into a trust is a crucial part of the process. In this post, we will explain how to transfer a SunTrust checking account into a trust.

Understanding the Process

The process involves changing the ownership of the account from an individual's name to that of a trust. This requires certain documents, such as the trust agreement and the trustee's identification, and may involve the completion of specific forms provided by the bank.

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

  1. Setting Up a Trust: Before you can transfer your checking account, you must first set up a trust. This can be done with the help of an attorney or online using services like Snug. The type of trust you set up will depend on your individual financial situation and goals.
  2. Gathering Necessary Documents: Once your trust is set up, gather the necessary documents. These usually include a certified copy of the trust agreement, a document that shows the trustee's authority, and identification documents.
  3. Contacting SunTrust Customer Service or a Local Branch: Next, contact SunTrust to inform them of your intention to transfer your checking account into the trust. You can do this by calling their customer service line or by visiting your local branch. The SunTrust customer service number for personal banking is 1-800-SUNTRUST (1-800-786-8787). For further assistance, it's always a good idea to visit the official SunTrust website or your local branch.
  4. Completing the Required Forms: SunTrust 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 submitted and processed, SunTrust will transfer the ownership of the account to the trust. It's crucial to update your account information and check that everything is in order.

Tips and Precautions

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

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

Remember, transferring a checking account into a trust means the account is now owned by the trust. Always consult with a legal or financial advisor to understand the implications.

SunTrust's Role in the Transfer Process

SunTrust is dedicated to helping its customers during the transfer process. The bank's representatives can guide you through the steps and provide necessary forms and documentation. They also offer resources on trust management and estate planning to help you make informed decisions.

Conclusion

Transferring a SunTrust checking account into a trust is an important 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. Remember to seek professional advice during this process to avoid any legal or financial pitfalls. Take the first step towards safeguarding your financial legacy today.