What options are available for setting up trust accounts with Westpac?

Westpac offers various options for setting up trust accounts tailored to meet the needs of different trust structures and purposes. A trust account is typically established to hold and manage funds on behalf of beneficiaries according to the terms of a trust deed. Individuals interested in setting up a trust account with Westpac can generally choose from several types of accounts, including personal trust accounts, corporate trust accounts, and specific accounts for discretionary or unit trusts. The documentation required to open a trust account usually includes the trust deed, identification for the trustee, and any additional identification that may be necessary for beneficiaries, depending on the trust type. Westpac aims to provide comprehensive support throughout the account setup process, ensuring that clients understand their responsibilities as trustees and the implications of managing the funds within the account. In addition to basic account choices, Westpac may also offer features such as online banking access for trustees, allowing them to manage transactions efficiently. For detailed information about specific account types, fees, and required documentation, it is advisable to explore the relevant section of the Westpac website or consult their resources for the most accurate and current information.