I’m planning to open a bank account for my trust. I have the registration certificate, articles of association, and memorandum of association. However, the bank is asking for a trust deed. Is it really necessary for opening the account? What are the legal implications of a trust deed, and how does it differ from the articles and memorandum of association in the context of a trust? Thanks for your guidance.

While a trust deed is not legally mandatory for opening a bank account, it is strongly recommended for clarity and transparency. The trust deed outlines the terms of the trust, including the beneficiaries and the trustee’s responsibilities, which is crucial for the bank to understand the trust’s structure and legal standing. Unlike the articles and memorandum of association, which govern a company’s operation, the trust deed defines the specific details of the trust itself.