In this issue of Community Banker, we focus on common compliance questions that arise in account management and lending disclosures.

YOU ARE ASKING …
Q: A customer’s adult child is asking questions about a trust account. The child is not currently a trustee but is listed as a successor trustee. Can we provide information about the account to them?

A: No. Successor trustees have no authority until they actually succeed to the position of trustee, under the terms of the trust instrument. Your bank should only deal with the current trustee(s). While you can keep records of who the successor trustees are for future reference, they cannot access account information or exercise any rights until the conditions in the trust instrument make them the acting trustee.

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