On a joint trust (John & Mary Smith Trust) which names both individuals as trustees but states that either may act alone, are we required to obtain both signatures at account opening? If we only get Mary's signature at account opening, can John come in and close the account? It would seem that he couldn't - until we had all of his information. I had always thought that both signatures should be obtained at account opening, and from that point either can do what they want. Opinions/assistance welcome!

Both would have to sign initially, or the non-signing party wouldn't have a signature on record. It would be similar to setting up the trust itself, either can conduct the business of the trust, but not until both have acknowledged and accepted that right and responsibility. Essentially the same with an account, one has the authority to open it, but the other can not transact business on that account until they have 'acknowledged their rights/responsibilities' specific to the account.

Ok - so I'm a Co-Trustee who has signed the Trust document that either I or my brother (the other Co-Trustee) can act independently. I come to the bank to open an account in the name of the Trust, which is my right according to the Trust. Why should my brother have to sign? He lives in another state and is fine with my transacting all the business on the account.

You would require both trustees to sign the signature card to make certain the other trustee is aware of the account's existence and that it does not serve as a vehicle to divert payments made to the trust. Since you are empowered to act independently, it's fine that you are the only one who signs the checks, but the bank won't want to deal with a disgruntled trustee who claims not to have known about the account at all.

That's exactly what I needed to hear/read. Thank you!