No, it is not necessary to obtain any additional documentation to establish a deposit account for the trustee of a testamentary trust.

Presently, whether you require an entire trust agreement before opening a deposit account for this or any other type of trust depends on your institution’s policies. There are no federal laws and presently no law in Illinois that dictate or limit the type of documentation that your bank should require when opening a deposit account for a trustee of a trust. You should be aware, however, of legislation currently pending in the Illinois General Assembly that would authorize trustees to use a “Certification of Trust” form in lieu of providing the entire trust instrument to a third party, with limited exceptions.

For citations related to our guidance, please see below:

• Senate Bill 1877 and House Bill 3169 (proposed Illinois legislation regarding “Certification of Trust” form)

• IBA Compliance Question (documentation when opening deposit accounts for living trusts)