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#118122 - 09/27/03 03:10 AM Trust documentation
Angel Eyes Offline
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Angel Eyes
Joined: May 2001
Posts: 4,599
In the past our bank has not kept any copies of trust documents based on advice received from our state banking association, (based on the fear that the more we know the more we can be liable). We are currently evaluating this practice. We would not accept the full trust document but are considering accepting a summary listing trustees, successor trustees, and possible beneficiaries. Just wanted to know what other banks out there are doing and what your feelings are regarding this.

Thanks for your input!

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General Discussion
#118123 - 09/29/03 01:25 PM Re: Trust documentation
Rubaiyat Offline
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Joined: Jun 2001
Posts: 1,373
Lido Deck
We generally obtain a copy of the first and last page of the trust agreement. The first page list trustees, successors, etc., and the last page contains signatures.

There are a few circumstances where we might keep the entire document, but for the most part this is our policy.
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#118124 - 09/29/03 10:54 PM Re: Trust documentation
Tisa Offline
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Tisa
Joined: Jun 2003
Posts: 938
Do you know the way to ...
If the attorney was worth his or her salt, the trust will have a "Certification of Trust" that the client provides to us. It lists the legal name of the trust, names of the trustees, what TIN will be used, and has everyone's signatures. That's all we really need, anyway. We keep a copy with the account agreement docs.

...And with CIP, the trust document (or certification of trust) becomes the trust/customer's identity documentation....
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#118125 - 09/29/03 11:43 PM Re: Trust documentation
BBoyd Offline
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BBoyd
Joined: Mar 2002
Posts: 2,494
MI
The problem we've run into is when there are requested changes on the account because a trustee dies, or a grantor dies, or something needs to be changed. Sometimes the trust document is very specific on those kinds of things and we need to see what the document states. Many times, a revocable living trust becomes an irrevocable trust upon the death of the grantor. And sometimes, the trust will state that a Trustee has to be declared mentally incompetant by statements from 2 doctors or some such thing. How do you make any modifications to a signature card w/out the entire document to verify changes can even be made?
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#118126 - 10/02/03 05:09 PM Re: Trust documentation
Angel Eyes Offline
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Angel Eyes
Joined: May 2001
Posts: 4,599
I just wanted to bump this back up...anymore insight from anyone regarding accepting trust documents? what about for CIP reasons as stated above?

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#118127 - 10/02/03 07:34 PM Re: Trust documentation
wavewatcher Offline
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wavewatcher
Joined: May 2003
Posts: 2,053
Hawaii
We request a short form trust, listing the grantors, trustees, successor trustees, powers of the trustees, how successor trustees are appointed, when and if the trust can be revoked, and notarized signature of grantor(s). With this document, we can fulfill the wishes of the grantors without violating our privacy policy and can accomplish the verification of CIP.

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#118128 - 10/02/03 07:37 PM Re: Trust documentation
BooBoo Offline
Member
BooBoo
Joined: Feb 2003
Posts: 61
KC, MO
We're like Cindy's bank and get the first and last page of the trust document. We've been scared by counsel too many times to want too much information on these!
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#118129 - 10/02/03 11:47 PM Re: Trust documentation
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Link to prior thread.
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