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Adding Signers to Trust Accounts

Answered by: 
John Burnett

Question: 
The grantor and trustee of a living trust are the same individual. This person is experiencing temporary medical problems. A daughter and first in line as successor trustee has requested to be added to the DDA account as an authorized signer. Can a living trust have authorized signers on the account? What documentation should be required from the trustee to add an individual to the account as an authorized signer?
Answer: 

A Trusteeship is a personal relationship that cannot be delegated in most states. If state law permits a trustee to designate an authorized signer, the trust itself must anticipate and permit such an act or it can not legally be done. The grantor may be able to amend the trust or to resign as trustee in favor of the successor. The attorney who drew the trust should be the one to advise the parties, not you.

First published on BankersOnline.com 10/01/07

First published on 10/01/2007

Filed under: 
Operations
Filed under operations as: 
Authorized Signers
IT
Trust Accounts

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