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Documentation for Revocable Living Trust

Answered by: 
Randy Carey
John Burnett

Question: 
This is a question about a revocable living trust. The situation is that the trustor has passed away and the trustee is to set up accounts for the listed grand children. She was told that she would need to get an EIN number for them. What type of account would this be? A trust for each one and is there any documentation that would be needed other than the original trust papers?
Answer: 

by Randy Carey: If you have question of this nature, you need to get your legal counsel involved.

Answer: 

by John Burnett: Neither your bank nor your bank's legal counsel should be providing the trustee with legal counsel on these questions. The trustee needs to obtain his/her own legal advice on whether and how many additional trusts need to be established, and obtain any needed EINs from the IRS. When that's all taken care of, your bank can handle the new account activity for the trusts.

First published on 10/09/2016

Filed under: 
Compliance
Operations
Filed under compliance as: 
Trust Accounts
Filed under operations as: 
Trust Accounts

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