Trust Formation / Account

[Rajat Chopra]

I have a few real estate properties that I rent out. I inherited these rental properties from my family. I am thinking to add more if possible in the future as well.

Is it possible to create a Trust that will own these real estate properties. If so, do I need any special document or to meet with a lawyer to create the Trust document?

Also once the Trust is created, how do I create a bank account? Do I simply tell the bank I want to open a Trust account and show them the Trust document?

Are there any special considerations to know about? Thanks in advance for your help

[Aaron K.]

Yes

Yes

Not really

It does seem like you need a better understanding of what a trust actually does/ is for vs say an LLC so I'd talk to a trust attorney to get a better idea (keep in mind they'll likely try to sell you on it) Some trust attorneys have monthly seminars where they explain things for free.