Quora Answer: Who is Listed as the Grantor of a Sub-Trust When Opening a Bank Account?

The following is my answer to a Quora question: “If a successor trustee of an irrevocable trust creates a sub-trust, who should be listed as the grantor of the sub-trust when opening a bank account?”

If you are a successor trustee, that means the original trustee has already passed away, or is otherwise unable to fulfill his duties.  Since you are creating a sub trust, I would assume that the grantor could have passed away, and this is a testamentary trust, meaning that the beneficiaries are too young to receive their inheritance.  A revocable trust becomes irrevocable, and testamentary, after the grantor passes away.

All this notwithstanding, the grantor of the sub-trust is the grantor of the parent trust.  However, since the grantor is deceased, the grantor of the sub-trust is listed as either one of the trustees, the management agency such as the representative of the investment bank, or, in some places, the designated representative of the trust who is not a trustee.  Legally, the trust is a distinct entity from the trustees, settlor or grantor, and the beneficiaries.