Bank Accounts, Trusts, and Rentals Properties
Hello all, my wife and I are new here. We are looking forward to learning a lot here.
First, a quick summary of our situation. We own two rental properties here in our home town. My wife's father has been managing our properties for years and we have decided to make a few changes.
First, we went to an attorney, created a trust, and moved the properties into the trust. Second, we are meeting with a professional Property Manager in the morning and she will be taking over Property Management going forward.
Our question for today revolves around creating a new bank account and managing the financials.
We know we are going to open a new bank account but we are unsure of what kind. Obviously, if we went the LLC route, we would be opening a business checking account. However, since the properties are in a trust, we are not sure if we should get a personal checking account, bank trust account, or other. Since we are the trustees of our trust, we don't see a big benefit in opening a bank trust account since we don't need someone else to manage the funds. For this reason, we are guessing a personal checking account? Something else?
Thank you for your time and we look forward to hearing some responses.
Sorry for the typo in the title of this thread. Not sure how to edit...