Business Trust List Beneficiaries?

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Question:

Can a business trust list beneficiaries on the trust account? For example, another bank would like to set up a trust account with our bank and list their customers as the beneficiaries.

Answer:

The only proper way to establish that sort of deposit relationship, in my view, would be for the other bank to create an actual trust, which identifies its beneficiaries, and have the account opened for the trust. The trustee of the trust would be responsible for maintaining the record of trust beneficiaries.