Not sure if this is the right board for this question or not but here it goes.

We own property in Texas that is owned by a revocable trust that my wife and I set up and are the co-trustees on. A pipeline is coming through it and the pipeline company said they have to send the check to the name listed on the title, which is the trust.

Do we need to set up a bank account for the trust to receive these funds or could we just cash the check into our own joint checking account? Since its made out to the trust I suspect the bank could have an issue with that. I have not asked the bank this yet.

Any ideas?

See if your bank will accept the trust signing over the check to you to avoid having to open an account.

Just do a mobile deposit and see if it goes through. I cash checks for my kids all the time.

OldArmyCT said:

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Two choices here:
1. Copy your post and paste it into an email to your banker.
2. Call your banker and ask.

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Thank you. Talked to the bank. Apparently we will have to open a bank account for the trust to deposit the check into. I guess now i have to see if there's any issue pulling funds out of it. I dont see why their would be though.

Shouldnt be any issue pulling the funds but does the trust have its own tax id number? How to report the income might be another question for your banker or accountant.

SoTxAg said:

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Shouldnt be any issue pulling the funds but does the trust have its own tax id number? How to report the income might be another question for your banker or accountant.

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It doesn't have its own tax id number that I'm aware of. I really need an accountant but can't seem to find one that knows anything about these kind of questions. If anyone has a recommendation I'd appreciate that as well.

what lawyer set up your trust without going over this with you?

SoTxAg said:

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Shouldnt be any issue pulling the funds but does the trust have its own tax id number? How to report the income might be another question for your banker or accountant.

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As a revocable trust, typically an EIN isn't needed, just uses the social security number of the grantor.

OnlyForNow said:

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what lawyer set up your trust without going over this with you?

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It was several years ago so they may have and I have just forgotten lol

Got it.

And that's understandable, depending on why the trust was set up, at first I was thinking it was a cash/real property holding trust but that may not be the case.