Sucessor Trustee Use Name & SS# for Title

Question:

Can the successor trustee use their name and Social Security number for titling with the trust name listed secondary? I have a copy of the appointment of successor trustee for my customer. She receives checks payable to her as successor trustee for the trust. Do I need the customer to obtain a TIN for the trust?

Answer:

If this account is supported by a written declaration of trust, the title of the account is the name of the trust. There is no need to use the name of the original trustee or the successor trustee in the account title. (Some banks do it for operational reasons; e.g. so the signatories can be identified by tellers who do not have access to the signature card. However, legally, the fiduciaries names do not need to be in the account title.)

I cannot speculate on the correct TIN for the trust without additional information, but it is safe to say that the successor trustee's SSN is definitely the wrong number.

First published on BankersOnline.com 7/23/12