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Which Pages of Trust Doc for Deposit Account?

Answered by: 
Ken Golliher

Question: 
Since trust documents can be very long, which pages should be required for a deposit account? Typically, we take first page that lists Title of trust, date of trust, who trustees are, successor trustees, financial part and signatures of owner. Do we need the financial part?
Answer: 

I was legal counsel to a couple of trust departments for a few years. If you asked me for "the financial part" of the document I would hand you the whole thing; if it's about anything, it's about money. The other elements you mention are more easily divisible and let you identify the trust and the people with whom you may be dealing in the future.

My preference for trust documentation on the commercial side of the bank would be a "trust certification" containing a synopsis of the trust, naming the beneficiaries, successor trustees, etc. and promising us a copy of the entire document upon request. It would be signed by the trustee and acknowledged by the attorney who prepared it as accurate.

First published on BankersOnline.com 7/15/13

First published on 07/15/2013

Filed under: 
Compliance
Filed under compliance as: 
IT

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