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Appointing Additonal Signatory on Trust
I am the trustee of my revocable trust. I want to appoint my wife as an additional signatory on the trust's account. The bank says "no." Why not? I have the authority to appoint agents, etc., under my trust.
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 For a trust to permit the trustee to appoint agents, grant powers of attorney or name authorized signers on a deposit account, in other words, to delegate authority to transact business for the trust, is unusual to the point of being an exception. Most bankers are cautioned not to permit it to happen so it is not surprising to hear that your bank has said "no" to what you propose to do.
If the law of your state recognizes specific trust language that permits such appointments, the trust contains the appropriate language, and you have given the bank a copy of that portion of the trust that contains that language, you should encourage the bank representative to have your request reviewed by the bank's counsel. Before you do that, however, you may want to review your plan with the attorney who drew up the trust in the first place. Whatever the purpose of your revocable trust, you should make certain that adding your wife as an account signer will not compromise the trust's efficacy.
Published on BankingQuestions.com 9/22/08
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