Certification of Trust Lawyer in Massachusetts
Making a trust comes with many benefits, such as safely holding your assets and sparing your loved ones from probate court after you’ve passed on. But once you’ve created a trust, you will likely need a certificate of trust too.
A certification of trust lawyer can help you make this legal document. Learn more about certificates of trust and why you need one below.
What Is a Certificate of Trust?
A certification of trust is a legal document that proves your trustee’s authority to act on the trust’s terms. The trustee is the person you have chosen to manage and distribute trust funds according to your wishes.
Your trustee will usually need to show a certificate of trust to your bank and other financial institutions. Without a certificate of trust, the bank will refuse to work with your trustee.
If you are concerned about privacy, you should know that a certificate of trust does not reveal details of what is in your revocable living trust. That means your bank will not be able to see your assets or who will inherit them after your passing.
What Does a Certificate of Trust Include in Massachusetts?
For financial entities to recognize your certificate trust, it needs to include:
- The name of the person who made the trust (the settlor);
- The name of the trustee;
- The name of the trust and the date on which you made it;
- The trust’s terms, such as whether it’s irrevocable or revocable;
- Powers granted to the trustee; and
- Your Social Security number or Employee Identification Number (EIN);after you pass away.
Creating a Certificate of Trust in Massachusetts
When you make your trust, your certification of trust lawyer or estate planning service should also provide a certificate of trust with it. If you do not have a trust yet, reach out to an estate planning lawyer to create yours today.
You will also need to sign your trust and certificate of trust in front of a Notary Public. Otherwise, banks will mot accept these documents as valid. If you create your trust with your spouse or someone else, they will need to sign it too.
You can find a Notary Public at:
- Parcel shipping stores
- Photocopy shops
- Tax preparation offices
What to Do if the Bank Won’t Accept Your Certificate of Trust
It is possible that some banks may refuse to accept your certificate of trust. A banker might demand to see the full contents of your trust before accepting the authority of the trustee.
Massachusetts law states that an entity can request copies of excerpts from your original trust document. However, the law also states that the entity may be liable for damages if they did not request the original trust in good faith. If your bank refuses to honor your certificate of trust without the original document, call a certification of trust lawyer for advice.
Contact a Massachusetts Estate Planning Lawyer for Your Certificate of Trust Today
Casey Lundregan Burns, P.C. has over 80 years of experience helping Salem residents with their estate planning needs. If you’re ready to create your trust, contact a certification of trust lawyer at (978) 878-3519 today.