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The Merrill Lynch Trustee Certification Form serves as a crucial document for trustees managing cash securities accounts within trusts. This form is designed for both revocable and irrevocable trusts, enabling trustees to maintain accounts while ensuring compliance with applicable laws. It requires trustees to certify that the trust is valid and operational, providing essential information such as the trust's governing law, grantor details, and current trustees. Trustees must indicate whether the trust is revocable or irrevocable and authorize various financial transactions, including distributions and investments. The form also allows trustees to delegate investment management duties to advisors, ensuring that they can effectively manage the trust’s assets. Notably, all current trustees must sign the form, which must also be notarized, reinforcing the importance of authenticity and accountability in trust management. By completing this form, trustees affirm their authority to act on behalf of the trust, while also agreeing to indemnify Merrill Lynch against any liabilities arising from their instructions. This comprehensive certification process underscores the significance of proper documentation in the management of trust accounts.
Merrill Lynch Trustee Certification Example
Trustee Certification Form
For the CMA® Account for Trusts, Individual Investor Account for Trusts, the Inherited Retirement Account for Trusts and the 529 Account with a Trust as Participant
Please see instructions for completing this form on page 8.
MLPF&S Account #1
MLPF&S Account #2
FOR INTERNAL USE ONLY
MLPF&S Account #3
TO: MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, AND AFFILIATED COMPANIES (“Merrill Lynch”)
In consideration of Merrill Lynch’s opening and maintaining the above accounts and any other subsequently established accounts for the trust described below, the undersigned trustees certify, represent and warrant to Merrill Lynch that the trust is in full force and effect, and that the following information is true, complete and accurate:
1.The trust is governed by the law of:
(U.S. State/Commonwealth or other jurisdiction)
If the trust is NOT governed by US law (50 states/District of Columbia), provide a copy of the following pages from the trust agreement: the first page, the signature page(s), the page(s) listing the trustees and, if originally named trustees are no longer acting, any amendments or other documentation (appointment of trustees, acceptance of appointment of successor trustees, etc.) listing the current trustees. DO NOT PROVIDE THE ENTIRE TRUST.
2.Please complete either A or B (Only one section should be completed):
A.If the trust was created by a will, the decedent’s name is:
B.If the trust was created by a trust agreement:
(i)The trust agreement is dated:
(ii)The name(s) of the grantor(s) of the trust is/are:
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Grantor Name |
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Date of Birth |
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(if other than U.S.A.) |
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(for identification purposes only) |
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Grantor Name |
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Country of residency |
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Date of Birth |
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(if other than U.S.A.) |
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(for identification purposes only) |
3.The trust is currently (please check as applicable):
Revocable and amendable |
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Irrevocable |
4.Check if a Special or Supplemental Needs Trust
(A Special or Supplemental Needs trust is a type of trust established for the benefit of a person with special needs while preserving the beneficiary’s ability to receive essential needs based government programs.)
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5.The names of all current trustees are: (If trustee is an entity, documentation indicating authorized individuals of entity, such as Corporate Resolution or Certificate of Incumbency, will be required)
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Please print the name, address, and telephone number of an individual that Merrill Lynch may contact in the event a trustee resigns, becomes incapacitated or dies:
Name
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6.For trusts with more than one trustee only – All trustees initial this section if pursuant to the terms of the trust, when one or more of the
7.The trust or applicable law authorizes the trustees and any authorized agents to make distributions or transfers of trust funds, securities, or other assets by check, debit card, credit card, or other means (including
8.The trust or applicable law authorizes the trustees and any authorized agents (i) to enter into cash transactions for the purchase and sale of securities of all types (including buying and writing covered equity put/call options and buying index put/call options) and other investments available through Merrill Lynch, and (ii) (for trusts governed by U.S. law only) to purchase and own life insurance and annuity contracts and to exercise all rights associated with the ownership of life insurance and annuity contracts held in or linked to an account at Merrill Lynch, including but not limited
to, surrendering the contract, withdrawing available contract values, borrowing against contract values and otherwise encumbering the contract, assigning the contract and making designations of beneficiaries. The trustees understand and agree that it is the obligation of the trustees to ensure that any investment restrictions and/or requirements that govern the trust/trust assets are followed. The trustees further acknowledge and agree that Merrill Lynch and its employees or agents are not responsible for determining whether the trust is subject to any investment restrictions or requirements.
9.COMPLETE THIS SECTION ONLY IF THE TRUST IS REVOCABLE AND THE GRANTOR IS A CURRENT TRUSTEE. The trust also authorizes the following activities or, to the extent necessary, this paragraph 9 shall be deemed to amend the trust to allow such activities. All current trustees must initial those that apply in spaces provided:
A.Margin transactions including short sales
B.Margin transactions including short sales, uncovered put/call options, spreads, straddles and combinations, whether index or equity
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10.If the trustee(s) executes an investment management contract or power of attorney delegating the performance of investment management or other duties and authorizes the compensation of such advisors or agents or payment of related fees, charges and expenses to be assessed or deducted from trust assets, the trustee(s) represents and warrants that such delegation and payments are authorized by the trust document and/or applicable law, the trustees have filed necessary statements or elections with governmental authorities, and have provided timely written notice to all beneficiaries eligible to receive income from the trust of this delegation. The consent of no party other than the trustees is required to vest investment discretion in investment advisors or other agents engaged by the trustees. If, at any time, an investment advisor or other agent not affiliated with Merrill Lynch’s programs or services, is granted discretionary authority over the trust, Merrill Lynch is authorized to act upon the instructions of such investment advisor or other agent to the extent authorized in a properly executed power of attorney. (Please submit power of attorney).
11.The trustees represent, warrant and agree that Merrill Lynch is authorized for all purposes regarding the trust’s accounts to follow the instructions of any one trustee. If there is more than one trustee, the trustees agree that it is their responsibility to agree among themselves before giving any instructions to Merrill Lynch for the trust’s accounts, if required by the trust instrument or applicable law, and that Merrill Lynch may conclusively presume that any one trustee who provides instructions to Merrill Lynch has obtained such agreement. Merrill Lynch shall be entitled to assume the existence of a trust power and the proper exercise of a trust power by any trustee without inquiry. Merrill Lynch, its employees or agents shall have no responsibility to assure the proper application of trust funds, securities or other assets by any trustee. In the event Merrill Lynch receives inconsistent instructions from two or more trustees, reasonably believes instructions received from one trustee are not mutually agreeable to all trustees, or receives a court order with respect to the account, Merrill Lynch may, but is not obligated to, restrict activity in the trust account, require that all instructions be in writing signed by all trustees, restrict/suspend activity in and from the trust account or terminate the account and/or file an interpleader action in an appropriate court at the expense of the trust.
The trustees are responsible for providing Merrill Lynch with the correct tax identification number for the trust and for contacting Merrill Lynch with any change to that number. A change in that number may result in the requirement that a new account be opened. Any purchase or sale in a trust account utilizing a Social Security number of a deceased person will be reported to the I.R.S under that Social Security number and the
12.The trustees represent and warrant that none of the beneficiaries of the trust are business organizations operating for profit such as corporations, partnerships, limited liability companies, associations or business trusts.
13.The trustees agree, jointly and severally, to indemnify Merrill Lynch, its employees, directors and agents to hold them harmless from any liabilities and expenses that arise from following the instructions of any trustee, or of any authorized investment advisors or agents, or that otherwise arise from Merrill Lynch’s reliance on the representations, warranties and agreements included in this Trustee Certification Form. This agreement to indemnify Merrill Lynch shall survive termination of the trust or of the accounts.
14.The trustees agree to provide a new Trustee Certification Form to Merrill Lynch in the event that any of these representations, warranties, agreements, or certifications change, or if they may no longer be relied upon by Merrill Lynch.
15.The trustees agree that Merrill Lynch may rely upon this Trustee Certification Form (and any copies thereof) until Merrill Lynch and any investment advisors or other agents receive a new Trustee Certification Form, executed by all
Merrill Lynch may, but need not, require current Letters of Trusteeship.
Except where it would be inconsistent to do so, words and phrases used in this document should be interpreted so the singular includes the plural and the plural includes the singular.
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Signatures of Trustees (All Current trustees must sign and, for trusts governed by U.S. law (50 states/District of Columbia), all trustee signatures must be notarized.)
ACKNOWLEDGEMENT
Notary Page for use in all jurisdictions EXCEPT CA, CO, FL, IA, ID, MI, MN, MS, NE, NV, SD, TN and VT
(For CO, IA, ID, MI, MN, MS, NE, NV, SD, TN and VT notaries use pg. 5, for CA notaries use pg. 6, and for FL notaries use pg. 7)
A. Agreed and Certified to this ___________________________ day of ________________________________ year of ___________________________
Signature of Trustee: __________________________________________________________________________________________________________
Please Note That All Fields, Including The Boxes Below, Must Be Completed By The Notary (Or The Document Will Be Rejected).
This Acknowledgement May Not Be Used By California Notaries. California Notaries Are To Use The Attached Acknowledgement Or The Notarial Acknowledgment Available On The California Secretary Of State Website.
NOTARY ACKNOWLEDGEMENT:
State of ____________________________________________________ County of _________________________________________________________
The foregoing instrument was acknowledged before me, a Notary Public, this ________________ day of __________________________, 20_____, by
________________________________, the person whose name is subscribed to within this instrument and acknowledged to me that he/she executed
Insert Signer’s Name, NOT Notary’s Name
the same in his/her authorized capacity.
PLEASE CHECK ONE OF THE FOLLOWING (REQUIRED):
Personally known or |
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Produced the following type of identification: ______________________________________________________ |
______________________________________________________________________________________________________________________________
WITNESS my hand and official seal
_______________________________________________________________ |
_____________________________________________________________ |
Signature of Notary Public |
Print Name of Notary Public |
My commission expires: ____________________________________________________________________________________________________ (Seal)
*All signatures must be acknowledged by a Notary Public. Copy this page as needed.
B. Agreed and Certified to this ___________________________ day of ________________________________ year of ___________________________
Signature of Trustee: __________________________________________________________________________________________________________
Please Note That All Fields, Including The Boxes Below, Must Be Completed By The Notary (Or The Document Will Be Rejected).
This Acknowledgement May Not Be Used By California Notaries. California Notaries Are To Use The Attached Acknowledgement Or The Notarial Acknowledgment Available On The California Secretary Of State Website.
NOTARY ACKNOWLEDGEMENT:
State of ____________________________________________________ County of _________________________________________________________
The foregoing instrument was acknowledged before me, a Notary Public, this ________________ day of __________________________, 20_____, by
________________________________, the person whose name is subscribed to within this instrument and acknowledged to me that he/she executed
Insert Signer’s Name, NOT Notary’s Name
the same in his/her authorized capacity.
PLEASE CHECK ONE OF THE FOLLOWING (REQUIRED):
Personally known or |
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Produced the following type of identification: ______________________________________________________ |
______________________________________________________________________________________________________________________________
WITNESS my hand and official seal
_______________________________________________________________ |
_____________________________________________________________ |
Signature of Notary Public |
Print Name of Notary Public |
My commission expires: ____________________________________________________________________________________________________ (Seal)
*All signatures must be acknowledged by a Notary Public. Copy this page as needed.
MLPF&S Account #1
MLPF&S Account #2
MLPF&S Account #3
FOR INTERNAL USE ONLY
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Signatures of Trustees (All Current trustees must sign and, for trusts governed by U.S. law (50 states/District of Columbia), all trustee signatures must be notarized.)
JURAT/AFFIDAVIT
Notary Page for use in CO, IA, ID, MI, MN, MS, NE, NV, SD, TN and VT
A. Agreed and Certified to this ___________________________ day of ________________________________ year of ___________________________
Signature of Trustee: __________________________________________________________________________________________________________
Please Note That All Fields, Including The Boxes Below, Must Be Completed By The Notary (Or The Document Will Be Rejected). Signature date and notary date must be the same.
NOTARY JURAT AND AFFIDAVIT FORM:
State of ____________________________________________________ County of ______________________________________________________
Signed and sworn to (or affirmed) before me this ___________________ day of ___________________________________, 20_____,
by ___________________________________, Trustee.
Insert Signer’s Name, NOT Notary’s Name
PLEASE CHECK ONE OF THE FOLLOWING (REQUIRED):
Personally known or |
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Produced the following type of identification: ______________________________________________________ |
______________________________________________________________________________________________________________________________
WITNESS my hand and official seal
_______________________________________________________________ |
_____________________________________________________________ |
Signature of Notary Public |
Print Name of Notary Public |
My commission expires: _____________________________________________________________________________________________________(Seal)
*All signatures must be acknowledged by a Notary Public. Copy this page as needed.
B. Agreed and Certified to this ___________________________ day of ________________________________ year of ___________________________
Signature of Trustee: __________________________________________________________________________________________________________
Please Note That All Fields, Including The Boxes Below, Must Be Completed By The Notary (Or The Document Will Be Rejected). Signature date and notary date must be the same.
NOTARY JURAT AND AFFIDAVIT FORM:
State of ____________________________________________________ County of ______________________________________________________
Signed and sworn to (or affirmed) before me this ___________________ day of ___________________________________, 20_____,
by ___________________________________, Trustee.
Insert Signer’s Name, NOT Notary’s Name
PLEASE CHECK ONE OF THE FOLLOWING (REQUIRED):
Personally known or |
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Produced the following type of identification: ______________________________________________________ |
______________________________________________________________________________________________________________________________
WITNESS my hand and official seal
_______________________________________________________________ |
_____________________________________________________________ |
Signature of Notary Public |
Print Name of Notary Public |
My commission expires: _____________________________________________________________________________________________________(Seal)
*All signatures must be acknowledged by a Notary Public. Copy this page as needed.
MLPF&S Account #1
MLPF&S Account #2
MLPF&S Account #3
FOR INTERNAL USE ONLY
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Signatures of Trustees (All Current trustees must sign and, for trusts governed by U.S. law (50 states/District of Columbia), all trustee signatures must be notarized.)
NOTARY PAGE FOR CALIFORNIA
Please note that all fields, including the boxes below, must be completed by the Notary Public or the document will be returned. This acknowledgement must be used by notaries in California.
A. Agreed and Certified to thisday ofyear of
Signature of Trustee:
NOTARY PAGE FOR CALIFORNIA ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California, County of |
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who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal.
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*All signatures must be acknowledged by a Notary Public. Copy this page as needed. |
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B. Agreed and Certified to this |
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Signature of Trustee: |
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NOTARY PAGE FOR CALIFORNIA ACKNOWLEDGMENT
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California, County of |
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personally appeared |
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who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal.
Signature |
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*All signatures must be acknowledged by a Notary Public. Copy this page as needed. |
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MLPF&S Account #1
MLPF&S Account #2
MLPF&S Account #3
FOR INTERNAL USE ONLY
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Signatures of Trustees (All Current trustees must sign and, for trusts governed by U.S. law (50 states/District of Columbia), all trustee signatures must be notarized.)
NOTARY PAGE FOR FLORIDA
Please note that all fields, including the boxes below, must be completed by the Notary Public or the document will be returned. This acknowledgement must be used by notaries in Florida.
A. Agreed and Certified to this ___________________________ day of ________________________________ year of ___________________________
Signature of Trustee: __________________________________________________________________________________________________________
Please Note That All Fields, Including The Boxes Below, Must Be Completed By The Notary (Or The Document Will Be Rejected). This Acknowledgement May Not Be Used By California Notaries. California Notaries Are To Use The Attached Acknowledgement Or The Notarial Acknowledgment Available On The California Secretary Of State Website.
NOTARY ACKNOWLEDGEMENT: |
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State of Florida, County of __________________________________________________. |
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The foregoing instrument was acknowledged before me, a Notary Public, by means of (check one) |
physical presence or |
online notarization, |
this ___________________ day of ___________________________________, 20_____, by ___________________________________, the person
Insert Signer’s Name, NOT Notary’s Name
whose name is subscribed to within this instrument and acknowledged to me that he/she executed the same in his/her authorized capacity.
PLEASE CHECK ONE OF THE FOLLOWING (REQUIRED):
Personally known or |
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Produced the following type of identification: ______________________________________________________ |
______________________________________________________________________________________________________________________________
WITNESS my hand and official seal
_______________________________________________________________ |
_____________________________________________________________ |
Signature of Notary Public |
Print Name of Notary Public |
My commission expires: ____________________________________________________________________________________________________ (Seal)
*All signatures must be acknowledged by a Notary Public. Copy this page as needed.
B. Agreed and Certified to this ___________________________ day of ________________________________ year of ___________________________
Signature of Trustee: __________________________________________________________________________________________________________
Please Note That All Fields, Including The Boxes Below, Must Be Completed By The Notary (Or The Document Will Be Rejected). This Acknowledgement May Not Be Used By California Notaries. California Notaries Are To Use The Attached Acknowledgement Or The Notarial Acknowledgment Available On The California Secretary Of State Website.
NOTARY ACKNOWLEDGEMENT: |
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State of Florida, County of __________________________________________________. |
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The foregoing instrument was acknowledged before me, a Notary Public, by means of (check one) |
physical presence or |
online notarization, |
this ___________________ day of ___________________________________, 20_____, by ___________________________________, the person
Insert Signer’s Name, NOT Notary’s Name
whose name is subscribed to within this instrument and acknowledged to me that he/she executed the same in his/her authorized capacity.
PLEASE CHECK ONE OF THE FOLLOWING (REQUIRED):
Personally known or |
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Produced the following type of identification: ______________________________________________________ |
______________________________________________________________________________________________________________________________
WITNESS my hand and official seal
_______________________________________________________________ |
_____________________________________________________________ |
Signature of Notary Public |
Print Name of Notary Public |
My commission expires: ____________________________________________________________________________________________________ (Seal)
*All signatures must be acknowledged by a Notary Public. Copy this page as needed.
MLPF&S Account #1
MLPF&S Account #2
MLPF&S Account #3
FOR INTERNAL USE ONLY
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Instructions
This Trustee Certification Form is for use by trustees of any revocable trust or irrevocable trust to maintain one or more cash securities accounts and by trustees of any grantor revocable living trusts to maintain a margin account or engage in other investment activity. It is not to be used by employee benefit trusts, nominees or business trusts, nor for any trust for which the beneficiaries are business organizations operating for profit such as corporations, partnerships, limited liability companies, associations or business trusts. The Trustee Certification Form is also for use by trustees of revocable or irrevocable trusts for which the trustees delegate the performance of their discretionary duties to an investment advisor(s) or other agent(s).
NAMES OF TRUSTEES – If a change of trustees occurs by death or otherwise, a new Trustee Certification Form must be provided unless section 6 is completed and applicable.
POWER TO MAKE DISTRIBUTIONS/TRANSFERS – The authority of the trustees (and if applicable, the authority of any authorized agents) to make distributions/transfers shall (be understood to) include the power for the trustees and any authorized agents to draw upon the funds, securities or other assets in the account of the trust by check, debit card, credit card, or other means (including
INVESTMENT POWERS – The authority of the trustees of any trust to purchase and sell securities and other investments including options to the extent described in paragraph 8 shall be unrestricted. The authority of the grantor/trustee of a grantor revocable living trust to maintain a margin account and to engage in other activities described in paragraph 9 shall be understood to be unrestricted. Merrill Lynch shall be entitled to assume the existence of a trust power and the proper exercise of a trust power by any trustee (and by any investment advisor or agent appointed by the trustees for the trust) without inquiry. Merrill Lynch shall have no responsibility to assure the proper application of trust funds, securities or other assets by any trustee (or by an agent appointed by the trustees for the trust).
GRANTOR REVOCABLE LIVING TRUSTS – By signing this certification, the trustee of a grantor revocable living trust represents and warrants that he/she/it has full power and authority to direct the transfer of trust assets, and that the grantor has full power and authority to revoke and amend the trust.
SIGNATURES OF TRUSTEES – All trustees must sign this Trustee Certification Form. If there are more than two trustees, use an additional signature page. If only one trustee signs, it shall be a representation that the trust has a single trustee. All trustees are required to sign any account opening documents. This Trustee Certification Form may be signed in counterpart.
INVESTMENT ADVISORS AND AGENTS – If the trustees have designated an investment advisor(s) or other agent outside of Merrill Lynch’s programs or services with discretionary authority over the trust’s funds, securities or other assets, a power(s) of attorney signed by all of the trustees must also be provided (refer to paragraph 10).
NOTARIZATION – For trusts governed by U.S. law (50 states/Washington D.C.), notarization of all trustees’ signatures by a notary public is required. Notarization is not required for trusts governed by the law of other jurisdictions.
Please see applicable notary block pages. Use the notary form that corresponds to the respective jurisdiction as noted on the top of each page. Please note that all fields must be completed or the document will be rejected. California notaries are to use the acknowledgement on page 6 or the notarial acknowledgement available on the California Secretary of State website.
Merrill Lynch reserves the right to request a complete copy of the trust agreement or will at any time. Merrill Lynch may require written authorization of all
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of American Corporation (BofA Corp.). MLP&S is a registered
Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiary of BofA Corp. Investment products:
Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value
Unless otherwise noted, all trademarks are the property of Bank of America Corporation. ©2021 Bank of America Corporation. All rights reserved.
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File Breakdown
| Fact Name | Details |
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| Purpose of the Form | This form is designed for trustees to manage cash securities accounts and engage in investment activities for revocable or irrevocable trusts. |
| Applicable Trust Types | The form is applicable to domestic revocable and irrevocable trusts, but not to employee benefit trusts or business trusts. |
| Trustee Responsibilities | All current trustees must sign the form, and notarization of their signatures is required to validate the document. |
| Authority to Make Distributions | The form grants trustees the authority to make distributions or transfers of trust assets using various methods, including checks and debit cards. |
| Investment Powers | Trustees have unrestricted authority to buy and sell securities, including options, as outlined in the form. |
| State Governing Law | The trust is governed by the laws of the state or U.S. jurisdiction where it is established, which must be specified in the form. |
| Indemnification Clause | The trustees agree to indemnify Merrill Lynch against liabilities arising from following the instructions of any trustee or authorized agent. |
Guide to Using Merrill Lynch Trustee Certification
Completing the Merrill Lynch Trustee Certification form is a crucial step in managing trust accounts effectively. This process ensures that all necessary information is accurately documented, allowing Merrill Lynch to provide the required services for the trust. Following the steps outlined below will help you fill out the form correctly.
- Begin by entering the MLPF&S Account Numbers for each account associated with the trust.
- Specify the state or U.S. jurisdiction that governs the trust.
- Choose either option A or B:
- If the trust was created under a will, provide the decedent’s name.
- If the trust was created and funded during the grantor’s life, fill in the trust agreement date and the names and dates of birth of the grantor(s).
- Indicate whether the trust is revocable and amendable or irrevocable.
- List the names of all current trustees.
- Provide the name, address, and phone number of a contact person for Merrill Lynch in case a trustee resigns, becomes incapacitated, or passes away.
- Confirm that the trust allows trustees to make distributions or transfers of trust assets by checking the appropriate box.
- Verify that the trust permits trustees to enter into cash transactions for the purchase and sale of securities.
- Complete section 7 only if the trust is revocable and the grantor is a current trustee by initialing the applicable activities.
- Confirm that the trustees can delegate discretionary investment management duties to advisors or agents, if applicable.
- Agree that Merrill Lynch can follow the instructions of any one trustee regarding the trust’s accounts.
- Affirm that none of the beneficiaries of the trust are business organizations operating for profit.
- Sign the form, ensuring all current trustees sign and that signatures are notarized.
Once the form is completed and signed, it will be submitted to Merrill Lynch for processing. Ensure that all information is accurate and complete to avoid delays in account management. If any changes occur regarding the trust, a new Trustee Certification Form must be provided to Merrill Lynch.
Get Answers on Merrill Lynch Trustee Certification
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What is the purpose of the Merrill Lynch Trustee Certification Form?
The Merrill Lynch Trustee Certification Form is designed for trustees managing revocable or irrevocable trusts. It allows trustees to open and maintain cash securities accounts, and if applicable, margin accounts or engage in other investment activities. The form ensures that Merrill Lynch has the necessary information to manage the trust accounts effectively.
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Who needs to sign the Trustee Certification Form?
All current trustees must sign the form. If there are more than three trustees, an additional form should be used. If only one trustee signs, it indicates that the trust has a single trustee. Notarization of all signatures is also required to validate the document.
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What information is required on the form?
The form requires various details, including:
- The governing law of the trust.
- Information about the trust's creation, including the grantor's name and date of birth.
- The current status of the trust (revocable or irrevocable).
- Names and contact information of all current trustees.
Trustees must also indicate their authority to make distributions and manage investments.
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What happens if the trust changes or if a trustee resigns?
If there are changes to the trust or if a trustee resigns, the trustees must provide a new Trustee Certification Form to Merrill Lynch. This ensures that the information on file is current and that Merrill Lynch can act according to the latest instructions from the trustees.
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Can the trustees delegate investment authority?
Yes, trustees can delegate discretionary investment management duties to investment advisors or other agents. This delegation must be documented through a power of attorney or investment management contracts. Merrill Lynch may act on the instructions of these advisors as long as the proper documentation is provided.
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What responsibilities does Merrill Lynch have regarding the trust accounts?
Merrill Lynch is authorized to follow the instructions of any one trustee regarding the trust's accounts. The firm is not responsible for ensuring the proper application of trust funds or assets by any trustee. In cases of inconsistent instructions from multiple trustees, Merrill Lynch may restrict account activity or require written consent from all trustees.
Common mistakes
Filling out the Merrill Lynch Trustee Certification form can be straightforward, but several common mistakes can lead to complications. One frequent error is omitting essential information about the trust. Trustees must provide complete details, including the trust's governing law and the names of all current trustees. Failing to include all trustees can create delays in processing and may require resubmission of the form.
Another common mistake involves misunderstanding the requirements for signatures. All current trustees must sign the form, and each signature must be notarized. If a trustee fails to sign or if the notarization is missing, Merrill Lynch may reject the form. This oversight can cause significant delays in account setup or management.
Additionally, some trustees neglect to indicate whether the trust is revocable or irrevocable. This designation is crucial, as it affects the authority of the trustees and the activities they can engage in on behalf of the trust. Misclassifying the trust can lead to unauthorized actions, which may result in legal complications.
Lastly, trustees often overlook the need to update the form when changes occur. If any information provided in the certification changes—such as the resignation of a trustee or changes in trust terms—trustees must submit a new form. Failing to do so can leave Merrill Lynch operating under outdated information, potentially exposing the trust to risks.
Documents used along the form
The Merrill Lynch Trustee Certification form is a crucial document for trustees managing trust accounts. However, it is often accompanied by other forms and documents that serve specific purposes in the trust management process. Below is a list of common forms and documents that may be used alongside the Trustee Certification form.
- Trust Agreement: This document outlines the terms and conditions of the trust, including the roles and responsibilities of the trustees, the rights of the beneficiaries, and the management of trust assets.
- Power of Attorney: This legal document allows a trustee to delegate authority to another individual or entity to act on behalf of the trust. It is essential when trustees wish to appoint an investment advisor or other agents to manage trust assets.
- Letter of Trusteeship: This letter serves as proof of the trustees' authority to act on behalf of the trust. It may be required by financial institutions to confirm the trustees' status and powers.
- Beneficiary Designation Forms: These forms specify how trust assets should be distributed among beneficiaries. They ensure that the trustees adhere to the wishes of the grantor regarding asset distribution.
- Account Application Forms: These forms are necessary for opening accounts in the name of the trust. They typically require information about the trust, trustees, and beneficiaries.
- Tax Identification Number Application (Form SS-4): This form is used to obtain a tax identification number for the trust. It is essential for tax reporting and compliance purposes.
Each of these documents plays a vital role in the management and administration of trust accounts. Ensuring that all necessary forms are completed accurately can help streamline the process and maintain compliance with legal requirements.
Similar forms
- Trustee Acknowledgment Form: Similar in that it requires trustees to certify their authority and the validity of the trust, ensuring that all necessary parties acknowledge their roles.
- Power of Attorney Document: Both documents grant authority to individuals to act on behalf of the trust, allowing for transactions and decisions regarding trust assets.
- Trust Agreement: Like the Trustee Certification Form, this document outlines the terms and conditions of the trust, including the powers of the trustees.
- Beneficiary Designation Form: This form also involves the identification of individuals who will receive benefits from the trust, similar to how the Trustee Certification Form identifies trustees.
- Revocation of Trust Form: This document allows for the termination of a trust, similar to how the Trustee Certification Form can indicate changes in trustee authority.
- Investment Authorization Form: Both forms authorize specific investment actions, detailing the powers given to trustees or agents regarding trust assets.
- Trustee Resignation Form: This document is used when a trustee steps down, similar to how the Trustee Certification Form addresses changes in trustee roles.
- Account Opening Application: Both require detailed information about the trust and its trustees, ensuring that all necessary information is provided for account management.
- Trustee's Report: This document provides updates on trust activities, akin to the certification of trustee actions outlined in the Trustee Certification Form.
- Annual Trust Accounting Statement: Similar in purpose, this document provides a summary of trust transactions, ensuring transparency and accountability, much like the certification of trustee actions.
Dos and Don'ts
When completing the Merrill Lynch Trustee Certification form, it is essential to follow specific guidelines to ensure accuracy and compliance. Below is a list of ten things you should and shouldn't do.
- Do read the instructions carefully on page 4 before starting the form.
- Do provide complete and accurate information about the trust, including the names of all current trustees.
- Do ensure that all trustees sign the form and that signatures are notarized.
- Do indicate whether the trust is revocable or irrevocable, as this affects the authority of the trustees.
- Do provide contact information for someone who can be reached if a trustee resigns or becomes incapacitated.
- Don't leave any required fields blank; incomplete forms may delay processing.
- Don't attempt to use the form for trusts governed by foreign laws or for business organizations operating for profit.
- Don't forget to attach any necessary power of attorney documents if applicable.
- Don't provide outdated information; ensure all details reflect the current status of the trust.
- Don't assume that Merrill Lynch will verify the accuracy of the information provided; it is the trustees' responsibility to ensure correctness.
Misconceptions
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Misconception 1: The Trustee Certification Form is only for revocable trusts.
This form is applicable for both revocable and irrevocable trusts. It allows trustees to manage accounts effectively, regardless of the trust's nature.
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Misconception 2: Only one trustee can sign the form.
All current trustees must sign the form. If there are more than three trustees, an additional form is necessary. This ensures all voices are heard in the trust management process.
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Misconception 3: Notarization is optional for the signatures.
In fact, notarization of all trustees’ signatures is a requirement. This step adds a layer of security and authenticity to the document.
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Misconception 4: Merrill Lynch is responsible for overseeing the proper application of trust assets.
Merrill Lynch has no responsibility for ensuring the proper use of trust funds or assets by trustees. The trustees must manage these assets appropriately.
Key takeaways
When filling out and using the Merrill Lynch Trustee Certification form, it’s important to keep several key points in mind. Here are the main takeaways:
- Complete the form accurately: Ensure all information provided is true and complete. This includes details about the trust, trustees, and grantors.
- Identify the trust type: Clearly indicate whether the trust is revocable or irrevocable, as this affects the authority of the trustees.
- Trustee information: List all current trustees. If there are more than three, use an additional form.
- Authority for transactions: The form grants trustees the authority to make distributions or transfers of trust assets. This includes using checks, debit cards, or other means.
- Investment powers: Trustees have broad authority to buy and sell securities and engage in investment activities, including margin transactions, if applicable.
- Notarization required: All trustees must sign the form, and their signatures must be notarized to validate the document.
- Update when necessary: If any information changes, a new Trustee Certification Form must be submitted to Merrill Lynch.
- Indemnification agreement: Trustees agree to indemnify Merrill Lynch against any liabilities arising from their actions or instructions.
- Trustee cooperation: If there are multiple trustees, they must agree on instructions before communicating with Merrill Lynch.
By following these guidelines, trustees can ensure a smoother process when managing trust accounts with Merrill Lynch.