Trust Tool- Fiduciary Account Closing / Termination Worksheet
Updated 06/11/2026
This operational form helps fulfill fiduciary duties during the closure of Trust/Fiduciary account by the Financial Institution (FI). It serves as a customizable template that allows the FI to adjust it to its specific business needs and risk profile, taking into account factors such as the assets held or managed in the Trust/Fiduciary account.
Considerations: Closed fiduciary accounts should be reviewed to confirm that all responsibilities under the governing instrument were properly discharged and that account administration complied with the Trust Department’s policies and procedures. Trust/Fiduciary account closures should be formally documented and noted in the minutes of the appropriate Board or Committee, along with the reason for closure.
Rule: Federal Deposit Insurance Corporation (FDIC) Trust Examination Manual; Record keeping for compliance 12 CFR 9.8, 12 CFR 150.420. State laws may apply.
Toolkit: Trust
Keywords: Trust Account, Trust Account Administration, Trust Closure, Termination of Trust, Trust/Fiduciary Account Closing/Termination Worksheet
6/10/2026 – Moderate content and formatting revisions made to improve clarity.
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