Moving your LLC to a trust can confuse bank tellers because you are essentially telling them, “I still run this, but I don’t technically own it anymore—my trust does.”
Since you have a Wyoming LLC, here is exactly how to handle the bank transition to ensure the account remains open and valid for probate avoidance.
1. Don’t Close the Account (Update It Instead)
You generally do not want to close your existing LLC bank account and open a new one. Closing it can break your history and auto-pays. Instead, you “update the ownership record.”
- What to tell the bank: “I have transferred the membership interest of this LLC to my Living Trust. I need to update the bank’s records to reflect the Trust as the sole member/owner.”
- The Signer stays the same: Since you are likely the Trustee of your trust, you remain the “Authorized Signer.” Your daily banking (debit cards, checks) won’t change.
2. The “Must-Have” Document Bundle
Banks will not take your word for it; they need a paper trail. Bring these four things to the branch:
- The Signed Assignment of Interest: (The template I provided previously). This proves the transfer happened.
- A “Certification of Trust”: This is a 2–3 page summary of your trust. Do not bring your entire 50-page trust document (it’s private and banks don’t want to store it). The Certification lists the name of the trust, who the Trustees are, and that the trust is “Revocable.”
- The LLC Operating Agreement: Updated to show the Trust as the member.
- The EIN Letter (CP 575): The original letter from the IRS.
3. The Tax ID (EIN) Question
This is where people get stuck.
- Revocable Trust: If your trust is a standard revocable living trust, the IRS considers it a “disregarded entity.” You do not need a new EIN for the LLC. You keep using the same one you already have.
- Irrevocable Trust: If you are using a more complex Irrevocable Trust for high-level asset protection, the IRS might require a new EIN. For simple probate avoidance, you are likely in the “Revocable” category.
4. Wyoming Privacy Note
If you are using a Wyoming Registered Agent for privacy, the bank will still ask for your personal information (Know Your Customer/KYC laws). They will know who you are, but the public won’t. This is normal and doesn’t “break” your Wyoming privacy.
Summary Table: What Changes?
| Feature | Before Trust Link | After Trust Link |
|---|---|---|
| Account Name | Your LLC Name | Your LLC Name (No change) |
| Tax ID (EIN) | LLC’s EIN | Same LLC EIN |
| Legal Owner | You (Personally) | Your Living Trust |
| Authorized Signer | You | You (as Trustee) |