[WSBAPT] Co-signer on trust bank account

[Lewis, Amy C.]

Jennifer,

            I have had some success with drafting a “delegation of powers” document as opposed to a power of attorney.  It definitely depends on the financial institution.


Amy Lewis, Attorney
Pronouns she/her/hers
[cid:Logo_fa335a1d-9f24-4802-a3dd-b58f259e3c98.png]

909 A Street, Suite 600 | Tacoma, WA 98402
phone 253.572.4500 | fax 253.272.5732 | www.eisenhowerlaw.com<http://www.eisenhowerlaw.com/>
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jennifer Johnson
Sent: Tuesday, May 17, 2022 9:07 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Co-signer on trust bank account

Good morning all,

Clients are trustees of a revocable trust that has checking accounts at a local credit union.  They want to add their daughter (not a trustee) as a co-signer on the accounts so she can pay bills when they are away.  Their trust agreement does not prohibit this.

Credit union said no, she has to be a trustee in order to be a co-signer.  They don't want her to be a trustee.  We drafted a limited power of attorney just for this purpose, and the bank said they would keep it on file but that there was no guarantee that it would be honored.  This made clients nervous (they are deeply mistrustful of financial institutions) and even more sure that they want her to be a co-signer.

I haven't had a chance to speak with anyone at the credit union to see what we can work out, but I'm wondering if this is generally a bank policy that there isn't a way around?  Has anyone included specific language in their trust agreements that convinces banks to accept a non-trustee signer on a trust account?

I appreciate any insight you all may have.

Thank you, Jennifer

Jennifer M. Johnson
Title Officer | Attorney
Wahkiakum Title & Escrow Co.
Hanigan Law Office, PS
68 Main Street / P.O. Box 39
Cathlamet, WA 98612
(360) 795-3494
(360) 795-3001 (f)
www.wahtitle.com<http://www.wahtitle.com>

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