I have a few questions about trust accounts in the State of Illinois. We are a small bank and we do not have a trust department. We have very few established trust accounts. We are trying to get a better understanding of these types of accounts because we are getting more and more of them. Some of our new accounts personnel just attended a webseminar on trusts, now they have a few questions, specific to Illinois. I looked in the Illinois General Assembly website and found an act on Trust and POD Accounts, but it wasn't very specific. Here are my questions:
1. Does revocable or irrevocable need to be defined?
2. Can a trust have a POA?
3. Can a trust rent a safe deposit box?
I appreciate any feedback, resource references, etc that would help me figure these out. Thanks!
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