We recommend that you request a certification of trust from the trustee instead of the entire trust instrument when opening a trust account (given that your bank is not serving as trustee), unless you have specific BSA/AML concerns or otherwise are required by law to inspect the entire trust instrument.

There is no law that expressly requires that you obtain the entire trust instrument when opening a trust account. The Customer Identification Program (CIP) regulations require you to collect a name, address, and tax ID number for a trust, but they do not require that you obtain the trust instrument itself when a trust account is opened.

The Illinois Trust Code contains specific provisions allowing a trustee to provide a certification of trust in lieu of an entire trust instrument. A person, such as your bank, that acts in good faith reliance on a certification of trust is entitled to act as if the representations in the certification are true and is not liable to any person for actions with respect to the trust. In addition, any transaction that is entered into based on a certification of trust is enforceable as if the representations in the certification were correct.

Notably, while you still may request the entire trust instrument, you may be liable for damages if a court determines that the request for the entire trust instrument was not made in good faith. However, you may request the entire trust instrument “for purposes of complying with applicable federal, state, or local law.”

For resources related to our guidance, please see:

• FinCEN Regulations, 31 CFR 1020.220(a)(2) (“Customer Identification Program: minimum requirements . . . . (2)(i)(A) In general. . . . the bank must obtain, at a minimum, the following information from the customer prior to opening an account: (1) Name; . . . (3) Address, which shall be: . . . (iii) For a person other than an individual (such as a corporation, partnership, or trust), a principal place of business, local office, or other physical location; and (4) Identification number, which shall be: (i) For a U.S. person, a taxpayer identification number; . . .”)

• Illinois Trust Code, 760 ILCS 3/1013(a) (“Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing the following information: . . . .”)

• Illinois Trust Code, 760 ILCS 3/1013(f) (“A person who acts in reliance upon a certification of trust without actual knowledge that the representations contained therein are incorrect is not liable to any person for so acting and may assume without inquiry the existence of the facts contained in the certification. Knowledge of the trust instrument may not be inferred solely from the fact that a copy of all or part of the trust instrument is held by the person relying upon the certification.”)

• Illinois Trust Code, 760 ILCS 3/1013(g) (“A person who in good faith enters into a transaction in reliance upon a certification of trust may enforce the transaction against the trust property as if the representations contained in the certification were correct.”)

• Illinois Trust Code, 760 ILCS 3/1013(h) (“A person making a demand for the trust instrument in addition to a certification of trust or excerpts is liable for damages if the court determines that the person did not act in good faith in demanding the trust instrument. A person required to examine a complete copy of the trust instrument for purposes of complying with applicable federal, state, or local law, a person acting in a fiduciary capacity with respect to a trust, and the Attorney General’s Charitable Trust Bureau are deemed to be acting in good faith when demanding a copy of the trust instrument. This Section does not modify or limit any obligation a trustee may have to furnish a copy of a trust instrument to the Attorney General under the Charitable Trust Act or the Solicitation for Charity Act.”)