Hello all - Im having trouble opening an account to cash my check on a house I sold.
The escrow company would only cutt a check to the land trust I have on the property I purchase and sold sub 2.
now I need help cashing it. The banks are giving me a headace on opening an account with the trust name.
What shall I do?
Thank you
Hi,
Your not providing much information as to what bank or banks rejected you or the reason for the rejection?
You probable have to provide the bank documentation which could include your land trust documents, your original escrow folder, possible a EIN number for the trust. The trustee will need to do this as the beneficiary is not managing the trust.
You may need to get clarity from the banks attorney and your own attorney if you don’t understand the requirements being asked for.
Trusts open bank accounts all the time but they must be handled and provide proper documentation.
Good luck,
GR
I have first hand knowledge using trusts and opening bank accounts in the name of trusts…you need a ‘memorandum of trust’ to provide the bank and likely copies of part of trust documents which show trust parties. If you need help, contact me privately through my contact info on this weblink…be glad to guide you on this matter.
Rob