Bank Accounts for Trusts

[thesuperman]

A quick question about bank account check books for a trust, if the setup is ABC Pty Ltd AFT XYZ Trust, does it matter if the checkbook says:

1. ABC Pty Ltd AFT XYZ Trust
2. ABC Pty Ltd
3. XYZ Trust

Or it can say any of those & it doesn't matter what is on the check book?

 

[Aaron_C]

Trusts have no legal identity so it would be 2. Sometimes they put down the ATF on there.

 

[jrc77]

My bank accounts for trusts say "ABC Pty Ltd ATF XYZ Trust".

Regards,

Jason

 

[Terry_w]

Trustee name on title of all property including bank accounts. Trustee is the legal owner. Mention of the trust is optional.

 

[thesuperman]

The reason I ask is because all our bank accounts are setup as ABC Pty Ltd AFT XYZ Trust for each trust, but some checkbooks say ABC Pty Ltd AFT XYZ Trust while other says just XYZ Trust, no mention of the company on the checkbook. Does this matter or not?

Trusts have no legal identity so it would be 2. Sometimes they put down the ATF on there.

Wouldn't it get confusing if you have one Pty Ltd company as trustee for 5 trusts & all of the accounts & checkbooks only say ABC Pty Ltd?

 

[Terry_w]

The reason I ask is because all our bank accounts are setup as ABC Pty Ltd AFT XYZ Trust for each trust, but some checkbooks say ABC Pty Ltd AFT XYZ Trust while other says just XYZ Trust, no mention of the company on the checkbook. Does this matter or not?




Wouldn't it get confusing if you have one Pty Ltd company as trustee for 5 trusts & all of the accounts & checkbooks only say ABC Pty Ltd?

What matters is what name is on the account title. This could be different to what is on the cheques.