I recently received a question regarding Trust accounts and the types of checking accounts they can open. For example, if a Trust wants to open an age dependent account (think Senior Account, over X years old), is it allowable under law? Upon reading prior threads, there is a lot of discussion on Trust accounts and whether they should be opened as a business account or personal account. If the owner of the account is a TRUST, then it would make sense they could not open an account (even if the signer is over X number of years old) with an age requirement. Should this be treated as a Business account even if the trustee of the account is a beneficiary of the account? Can Trusts considered a "person" under KY law? Any direction would be greatly appreciated.

"Age requirement accounts" and "personal versus business" accounts (outside of NOW account limitations) are all purely a figment of an individual bank's imagination.