Trading, Accounts & Prohibited ActsQuestion 241 of 398
A customer wants to open an account for a revocable living trust. What document should the registered representative obtain to determine the trustee's powers?
a.The trust agreement (or a certification of trust)
b.The beneficiaries' birth certificates
c.A power of attorney from each beneficiary
d.The trustee's brokerage statements from another firm
Explanation
The trust agreement (or a trustee certification summarizing it) establishes who the trustee is and what investment powers they hold. The representative must ensure trades stay within the authority granted by the trust document.
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