How can I replace my standard Cash account with a like-type Revocable Trust account?

Due to FDIC coverage rules and limits, we only allow clients to open one account in each account type category (i.e. only one type of individual account and one type of joint account). If you already have an open Individual  account and would like to replace it with an Individual Revocable Trust account, you would first need to close the Individual account before you can open the Individual Revocable Trust account. Likewise, you would have to close out the existing Joint account to be able to replace it with a Joint Revocable Trust account. 

Please note that this process would not apply if you are looking to replace an individual account (either standard or revocable trust) with a joint account (either standard or revocable trust), or vice versa, as you can have both an individual account and a joint account at the same time. 

Before proceeding with the replacement steps below, please ensure that we can support an account for your trust structure. The following are the types of revocable trust accounts that we support:

• Individual Revocable Trust account: this is an account for an existing revocable living trust with one grantor, who also serves as the only trustee and primary beneficiary of the trust during their lifetime (aka Revocable Trust with (1) Grantor).
  • Example: Jane Doe is the sole grantor, trustee, and beneficiary of her trust. In this context, the term "beneficiary" refers to Jane as the benefactor of the trust during her lifetime, and should not be confused with the successor beneficiaries who inherit after the grantor's death.
• Joint Revocable Trust account: this is an account for an existing revocable living trust with two grantors, who also serve as the only trustees and primary beneficiaries of the trust during their lifetimes (aka Revocable Trust with (2) Grantors).
  • Example: Jane and John Doe are the sole grantors, trustees, and beneficiaries of their trust. In this context, the term "beneficiaries" refers to Jane and John Doe as the benefactors of the trust during their lifetimes, and should not be confused with the successor beneficiaries who inherit after the grantors' death.

Step 1. Close your existing account

1. Log in to flourish.com
2. Click on “Manage” next to the account you wish to close
3. Click on “Account Details” towards the top of the page
4. Scroll down until you see the “Initiate account closure” section
5. Click on “Initiate” and follow the instructions provided

• As part of the closing process, we will immediately schedule an outgoing transfer of your entire account balance to a designated linked account of your preference.
• Any interest accrued for the current month will be transferred out to you automatically on the first few days of the following month and the account will be fully closed approximately one week after that. 
• Statements and tax documents for this account will remain accessible to you in the future through your profile.

Step 2. Create your new account

1. Once you have submitted your request to close your existing account, you can immediately request to set up the Revocable Trust account by following the steps below (you can also find more detailed instructions via this article): 
   1. Navigate to the Dashboard page of your profile and click on "Create new account"
   2. During the application flow, we will ask you to upload certain pages of your trust document.
   3. Once your application is submitted, we will review your application and, if in good order, approve your application within 1-2 business days. If there is any additional information that is needed, we will email you with the request. 
   4. Once your application is approved, you will be able to link a bank account and transfer funds in.