No, we do not recommend requiring a full trust instrument when opening a trust account, subject to the discussion below.

Neither Illinois nor federal law requires your bank to obtain a full copy of a trust instrument when opening a trust account. In fact, Illinois law requires banks to accept a Certification of Trust form in lieu of obtaining an entire trust instrument at an account opening, unless the bank has specific BSA/AML concerns or otherwise is required by law to inspect the entire trust instrument. When acting in good faith and without contrary knowledge, your bank may rely on the Certification of Trust form without concern for liability.

For resources related to our guidance, please see:

• Trusts and Trustees Act, 760 ILCS 5/8.5(a) (“Instead of furnishing a copy of the trust instrument to a person other than the beneficiary, the trustee may furnish to the person a certification of trust containing the following information: . . . .”)

• Trusts and Trustees Act, 760 ILCS 5/8.5(f) (“A person who acts in reliance upon a certification of trust without 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 terms of the trust 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.”)

• Trust and Trustees Act, 760 ILCS 5/8.5(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.”)

• Customer Identification Program Rules, 31 CFR 1020.220(a)(2)(i) (Requires banks to collect a name, address, and tax ID number for a trust, but does not require the trust instrument itself.)