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We have two customers, husband and wife, who have requested a joint account to be owned jointly by both of their separate revocable trusts. Would that be possible or advisable? – IBA Compliance Connection

We have two customers, husband and wife, who have requested a joint account to be owned jointly by both of their separate revocable trusts. Would that be possible or advisable?

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It may be possible to combine funds from two separate revocable trusts into one account, but it is not advisable. Because the account holding the trust funds would be held by both trusts in joint tenancy, each trust would have rights of survivorship in the account. Joint Tenancy Act, 765 ILCS 1005/2. However, the trust documents may specify different distributions of the trust assets after the death of one of the customers, which could conflict with your responsibility to distribute all of the account assets to the other joint tenant on the account. Further complicating matters is the fact that revocable trusts ordinarily can be amended at any time, for instance by adding or removing beneficiaries or trust property, and the entire trusts may be revoked at any time.