Joint Trust Ownership of Safe Deposit Box

Answered by:

Question:

We have two customers who want their safe deposit box put in the names of both of their trusts. They want the box styled His Trust Name @ 50% and also Her Trust Name @ 50%. Can this be done? The attorney they use has also sent another request for another customer to do the same thing with their safe deposit box. I don't see how one box can be put in the name of two trusts. If this is possible, what social security number or TIN do we use?

Answer:

It only seems that everyone in the world is getting "into" trusts. And we are seeing more of this "joint trust ownership" phenomenon.

If your bank allows rentals of safe deposit space to a trust, and permits rentals to joint tenants, I see no reason (unless you are subject to some arcane state restriction) not to rent to joint tenants who happen to be trusts.

As for tax ID, you'll want to obtain the TIN of each trust under your CIP. For a grantor trust, that will be the SSN of the grantor/trustee. For other trusts, you will need an EIN.

Your CIP will also require you to verify the existence of each of the trusts.

First published on BankersOnline.com 09/2/03