Q: I had an account with Capital One. My account was put in a trust. When I went to close the account, the bank wanted to see my entire trust. We finally agreed on certain documents. What document do I need to close my account after it is in my trust? Also if I add or delete accounts in my trust, do I need to have the documents notarized by a Notary Public?
Marie, Sacramento
A: I am puzzled as to why Capital One would want a copy of your trust if you were closing an account that presumably was in your name, but it is possible that there are financial regulations with which it was required to comply.
If you were also opening an account at Capital One for the trust, then nearly all financial institutions will require either a copy of the trust or a document known as a Certification of Trust, which is included with most estate plans. The financial institution requires these to verify the name of the trust, the identity of the co-trustees and the powers granted to them.
Your trust should have a schedule of assets, commonly referred to as "Schedule A." This schedule should be kept up-to-date as you close certain accounts and open new ones. Changes to this schedule (as opposed to changes to the terms of the trust itself) do not require notarization.
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