The Listen to Lawrence Letter: Can I change banks and accounts if I have a trust?

December 8, 2023
December 7, 2023 • Volume 4 Issue 197
Trusts are very flexible…read on:


My wife and I are contemplating putting whatever assets we can into a trust. One of those would be joint savings accounts. I know if we moved our savings into a trust we’d have to retitle the account(s). But here’s my question – I’m a bit of an interest rate chaser, so the savings account(s) I own today may be in a different account next year. When you establish a trust, does it specifically define which bank and account numbers are held within the trust, or if I find a better deal a year from now and move funds into that new bank (titled under the trust) does that automatically make that new account part of the trust?


Unless the trust says otherwise, the trustee can change the trust investments whenever they want. The key is to maintain that the trust is the owner of the first account and the second account (or third account etc). It is all about title

to the account. As long as the trust remains the title owner of the investment, then it does not matter what investment the trustee invests in. So, feel free to chase your interest rates.

I hope this helps! Please forward this information to your friends and relatives to share these informative answers to some very commonly asked questions.


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As always, please send me your questions. If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.

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