Overview
Underwriting
Certifications of Trust
Pennsylvania law does allow a Trustee to furnish a certification of trust to any person (other than a beneficiary) in lieu if furnishing a copy of the Trust instrument.[1] However, a recipient of a certification of trust may require the Trustee to furnish copies of those excerpts from the original trust instrument (and any amendments) which 1) designate the trustee, and 2) confer upon the Trustee the power to act in the pending transaction.[2] A person may act in reliance on the certification of trust.[3]
The certification of trust must contain:
- The trust's existence and the date the trust instrument was executed.
- The identity of the settlor.
- The identity and address of the currently acting trustee.
- The powers of the trustee.
- The revocability or irrevocability of the trust and the identity of any person holding a power to revoke the trust.
- The authority of cotrustees to sign or otherwise authenticate and whether all or less than all are required in order to exercise powers of the trustee.
- The trust's taxpayer identification number.
- The manner of taking title to trust property.[4]
and must state that the trust has not been revoked, modified or amended in a manner that would cause the representations contained in the certification of trust to be incorrect.[5]
Trustees
Sources
Uniform Trust Act, 20 Pa.C.S. 7701-7790.3
Subchapter J, Miscellaneous Provisions, 20 Pa.C.S. 7791-7799.3
