by Bruce Givner on November 17, 2011
People with a “living” trust – sometimes called a “family” or “revocable” or “inter vivos” trust – want to make sure that any assets they acquire are in the trust’s name. They are asked by banks and brokerage firms when opening new accounts, and by escrows when buying real estate, to provide a copy of the trust. They don’t want to give a copy of the trust because it contains private information such as the names of their children, which is no one’s business.
In the old days we give a copy of the first page, the signature page and the trustee’s powers. Happily, in 1993, California passed Probate Code §18100.5 authorizing the use of a certification of trust – some call it a trust certificate. Now, the certification of trust or trust certificate must be accepted
in place of the trust. That information is primarily the trust’s name and date; identify of the grantors and current trustees; the trust taxpayer ID number, which is the parent’s Social Security numbers while they are alive; and the trustee’s powers. Anyone given that document who insists on getting the trust “shall be liable for damages, including attorney’s fees.”
Therefore, whenever we prepare a trust for a family, we also prepare a trust certificate. In a future blog we’ll discuss all of the documents prepared as part of the “living trust package.” If you have questions, contact Givner & Kaye.
Whether you are a CPA, a professional, or a potential client. contact Givner & Kaye to see how we can help you make more money, save taxes and gain peace of mind over all your estate and asset protection needs. www.GivnerKaye.com (310) 207-8008