Do I have to give a copy of my Trust to the bank?

Your Trust is a private document. It usually contains confidential information about you, your family, and even the people you're disinheriting.

You probably don't want the bank knowing who will inherit your fortune when you're gone. That's why some people are surprised, and not a little bit annoyed, when trying to transfer a bank account to the Trust, and the bank asks for a complete copy of the Trust.

In most cases, you shouldn’t have to supply a complete copy. You may instead give the bank a Certification of Trust. With the growing popularity of Trusts, most banks now have their own Certification form to complete, which asks for the following information:

• The name and date of your Trust
• The Settlors (who created the Trust)
• The Trustees (who manages the Trust)
• The Type of Trust (revocable or irrevocable)
• The Trust's Tax ID number
• The name of the successor Trustee

Still have questions about funding a Trust, or dealing with your bank? Call us today (805.494.4569) for a consultation.

For information only; may NOT be relied upon as legal advice.