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<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Down here in Oregon, the Uniform Trust Code allows some delegation of some duties of trustees. One problem presented by this statute is that some banks and brokerage houses
continue to believe in the old rule that fiduciaries could not delegate their duties. As a result, some institutions do not honor powers of attorney signed by trustees. And it will probably be difficult to convince them otherwise.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Phil Jones<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Portland OR<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Philip N. Jones<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Duffy Kekel LLP<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">900 S.W. Fifth Ave. Suite 2500<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Portland, OR 97204<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif"><a href="mailto:pjones@duffykekel.com"><span style="color:#0563C1">pjones@duffykekel.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">(503) 226-1371 – office<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">(503) 853-1482 – cell<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">(503) 226-3574 - fax<o:p></o:p></span></p>
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<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Jennifer Johnson<br>
<b>Sent:</b> Tuesday, May 17, 2022 9:07 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBAPT] Co-signer on trust bank account<o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">Good morning all,<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">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.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">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.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">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?<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">I appreciate any insight you all may have.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">Thank you, Jennifer<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><i><span style="font-size:10.5pt;font-family:"Arial",sans-serif">Jennifer M. Johnson</span></i></b><span style="font-size:10.5pt;font-family:"Arial",sans-serif"><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.5pt;font-family:"Arial",sans-serif">Title Officer | Attorney</span></b><span style="font-size:10.5pt;font-family:"Arial",sans-serif"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">Wahkiakum Title & Escrow Co.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">Hanigan Law Office, PS<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">68 Main Street / P.O. Box 39<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">Cathlamet, WA 98612<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">(360) 795-3494<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">(360) 795-3001 (f)<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif"><a href="http://www.wahtitle.com">www.wahtitle.com</a><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:10.5pt;font-family:"Arial",sans-serif">CONFIDENTIALITY NOTICE: THIS EMAIL IS INTENDED TO BE A CONFIDENTIAL AND PRIVILEGED ATTORNEY-CLIENT COMMUNICATION. IF YOU ARE NOT THE INTENDED RECIPIENT OF THIS EMAIL, PLEASE
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