I have a trustaccount on which I am the trustee. The account has its own tax ID number. I was going to move my account to a different bank, but the new bank told me that I couldn't name an authorized signer on the trust account. My old bank let me have an authorized signer on the account; why not this new one? Is it customary that only trustees can sign on a trust account and not authorized signers?
It is not customary for a trustee to appoint authorized signers or other agents. Unless state law permits such appointments and the trust papers themselves state that an appointment may be made, a bank should not allow it. It's possible that your current bank made an error in allowing you to appoint someone to sign on the account.
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It is not customary for a trustee to appoint authorized signers or other agents. Unless state law permits such appointments and the trust papers themselves state that an appointment may be made, a bank should not allow it. It's possible that your current bank made an error in allowing you to appoint someone to sign on the account.
