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#1724999 - 07/30/12 08:12 PM Trust Account
Cale_N_Oats Offline
Platinum Poster
Joined: Aug 2008
Posts: 742
Southern Illinois
First, it should be noted that I have limited experience in this subject matter. We have a Trustee, which is another Financial Institution, that would like to purchase some CD's for their principals on the Trust Account. Each Trust has a seperate TIN so they would each get a seperate signature card to sign. My questions is do we have to have the Trustee sign each individual signature card or is it possible for them to sign one document authorizing them to purchase each individual CD?
Serenity Now!!!

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#1725099 - 07/31/12 02:23 AM Re: Trust Account Cale_N_Oats
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 83,034
Galveston, TX
You are asking a question that you should be asking your legal counsel. This is not a compliance issue.
The opinions expressed here should not be construed to be those of my employer:

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#1725139 - 07/31/12 01:07 PM Re: Trust Account Cale_N_Oats
Compli(cated) Offline
100 Club
Joined: Mar 2011
Posts: 185
Each trust is a separate entity, the fact that the trustee is the same "person" for all of them does not change anything.

That being said, if it is not against policy or legal counsel's advice, you could probably come up with an all-encompassing document.

One potential issue with this route could be privacy - if you are ever in a situation where you need to present signature cards to someone for one of the trusts (think in a face of a law suit or trustee mismanagement challenge), you would potentially be disclosing all the information for other trusts that is included on this signature card.
Opinions are my own.
"I was gratified to be able to answer promptly. I said I don't know." - Mark Twain

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