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Can a revocable trust rent a safety deposit box? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Can a revocable trust rent a safety deposit box?

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Yes, the Trusts and Trustees Act specifically permits a trustee to enter into an agreement for a safety deposit box.

For resources related to our guidance, please see:

  • Trusts and Trustees Act, 760 ILCS 5/4.06 (“The trustee has the powers specified in the Sections following this Section . . . .” “To enter into agreements for bank or other deposit accounts, safe deposit boxes, custodian, agency or depositary arrangements for all or any part of the trust estate . . . .”)