The following question appeared in the Q&A section of Banking Spectrum's July 2013 Report Bulletin. Compare your answer to the correct answer provided below.
Q: A trustee of a living trust has come to us and wants to open a living trust account. The grantor is dead. Can we do this?
A: Yes. The trust was created before the grantor’s death, it is now irrevocable and is a separate entity that can be opened by the trustee for the purpose of implementing the trust provisions.