The following question appeared in the Q&A section of Banking Spectrum's Report Bulletin last month. Compare your answer to the correct answer below:
Q: We have a potential depositor who wants to establish a revocable living trust. She only will give us some of the pages of the document, not the entire document. What do we need to open this account under the trust?
A: Ideally the bank should get the entire trust document. However, at a minimum it needs the pages that name the trust, the grantors and the trustees. It needs to know the trustee powers, if the trustees may act alone, together or by majority decision, the names and addresses and relationship of the successor trustees and the execution pages signed by the grantors, trustees and either witnessed or notarized.