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Can a revocable trust created by a trust document establish a D/B/A account?
Answer by Sam Ott, BOL Guru
BIO AND CONTACT INFO
Question: Can a Revocable Trust created by a Trust Document establish a D/B/A (doing business as) account doing business as? Example: John Smith Revocable Trust D/B/A Smith Auto Sales. Smith Auto Sales is a Sole Proprietorship.
Answer: If the Trust Document which created the Revocable Trust authorizes the Trustee to enter into bank relationships and manage the Trust assets, I know of no reason that a revocable trust could not be the owner of a D/B/A account. The Trustee of a revocable trust is generally the grantor who established the trust. He or she has the power to change the terms of the trust, including the right to terminate or revoke it. The IRS will allow a revocable trust to utilize the grantor's SS # until the revocable trust becomes irrevocable, usually at the death or incapacity of the grantor.
First published on BankersOnline.com 2/3/03
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