Certificates of Trust Law & Legal Definition
To transfer assets into a trust, a "Certificate of Trust Existence and Authority" is needed. This is a summary or quotation of selected parts of the trust. Its purpose is to allow a person to know the correct name of the trust and to be sure that the trust has power over its assets. It usually does not identify the beneficiaries or the assets, so that information is kept confidential. Often, attorneys prepare both a trust and a Certificate of Trust Existence and Authority at the same time.
When you wish to transfer a bank account from your name to the trust, the clerk will usually wish to see a copy of the trust. If you'd prefer to keep the terms confidential, give them a copy of the Certificate of Trust Existence and Authority. The bank does not usually require any further information than the Certificate of Trust Existence and Authority provides.
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