Common use of Accounts for Living Trusts Clause in Contracts

Accounts for Living Trusts. You may open an account to hold the funds of your trust, and this account can be opened on either our Account Contract Part 1 form, or our Account Contract for Trust form. Regardless of which form you select to open the account, for IRS reporting purposes the name that appears first on Part 1 of the agreement must match Social Security or Employer Identification Number (SSN or EIN) provided by you to open the account (though we will be able to write the full legal name of the trust in the specially designated area of Part 1 of the contract should you so desire). You, any person designated in Part 1 of this contract, and any person or organization associated in any way with the trust (i.e., all grantors, trustees, successor trustees, and/or beneficiaries) agree that the terms, responsibilities and liabilities of this contract are binding on all account owners, any person or organization associated with the trust and the trust (i.e., all grantors, trustees, successor trustees, and/or beneficiaries), and agree to abide by the terms this contract. Additionally, all persons or organizations associated in any way with the trust (i.e., all grantors, trustees, successor trustees, and/or beneficiaries) agree to indemnify, defend, and hold us harmless for any loss, damage, claim or liability that occurs as a result of opening, using and closing this account, and sign a statement acknowledging the same. You further understand and acknowledge that you, any person designated in Part 1 of this contract, and any person or organization associated in any way with the trust (i.e., all grantors, trustees, successor trustees, and/or beneficiaries), are totally and completely responsible for fulfilling the duties and responsibilities of the trust, and that we need only rely exclusively on the terms of Parts 1 and 2 of this contract. In the event we need to review your trust for opening, maintenance or termination of the account, or for any transaction on the account, you agree to pay all costs and expenses, including reasonable attorney fees, incurred for the review of your trust. If you elect to use our Account Contract Part 1 form and wish to designate a successor trustee to claim the funds in the account in the event of your death, we can include that person’s name as beneficiary/pod payee on the account, who is a successor trustee for funds under your trust. We may require you to substantiate your authority to negotiate a check payable to a trust before accepting any check for deposit, and may require you to deposit the check into an account for the trust.