The following procedures must be followed to establish a new personal trust account relationship with Santa Fe Trust:

1. If a trust is in the creation stage, we recommend that one of Santa Fe Trust’s administrators talk with the drafting attorney to review the specifics of the trust and discuss sample trust document language that would be helpful to implement our administrative processes before the trust is executed.
2. If a trust is preexisting and currently being administered by another trustee, Santa Fe Trust must review the trust document to determine whether it can be transferred to us. If a transfer is possible, Santa Fe Trust will advise you how best to proceed. Santa Fe Trust must review all trust documents and current (or proposed) contributions and investments before it can determine whether to accept an initial or successor Trustee appointment. Typically, this is a two-week process.
3. Depending on what type of investment or securities licenses you hold, you may have to become licensed in the State of New Mexico to act as the Investment Manager of the trust. We urge you to contact your licensing department, visit the Regulations and Licensing Department (RLD) of the State of New Mexico's Web Site or call the RLD at (505) 827-7140 to determine if you need to be licensed in New Mexico.
4. Assuming we agree to serve your client’s trust in a fiduciary capacity, Santa Fe Trust will work with you to establish the investment guidelines for the trust and open an account in the name of the trust at your choice of custodians.
5. All pertinent trust documents, exhibits and agency agreements must be signed.
6. The trust must be properly funded (if new) or its assets transferred to the new trust account with us (if pre-existing).
7. After we become the trustee, you will begin to invest trust assets in accordance with the trust document and investment plan to which we have all agreed.
8. We receive trust investment information from the custodian (with your assistance in getting the data feed established), provide trust accounting, and produce and mail periodic (usually quarterly) trust account statements directly to the entitled beneficiaries. The consolidated trust account statements we prepare reflect all investment and other activity in the trust account, thus replacing individual investment account statement(s). However, your client may request to be copied on the custodial account statements to supplement ours.
9. Santa Fe Trust will hold periodic meetings/phone conferences with you (at least annually) to review the trust account investment performance and monitor our adherence to the investment policy statement.

The following procedures must be followed to establish a new irrevocable life insurance trust account relationship with Santa Fe Trust:

1. As our Insurance Advisor, you should arrange for a medical examination to determine the client’s insurability before the trust document is drafted. Any application sign by the insured should be signed in the capacity as the insured and not as the prospective owner.
2. Assuming insurability exists, Santa Fe Trust would appreciate an opportunity to review the specifics of the trust design and offer sample trust document language to the drafting attorney that would be helpful to implement our administrative processes before the ILIT is executed. Typically, this is a two-week process.
3. We will request an opportunity to review and comment upon the ILIT document draft before it is signed, and communicate with the drafter any final comments and recommendations we believe should be addressed before it is executed.
4. If the ILIT is already in existence and currently being administered by another trustee, Santa Fe Trust must review the trust document and all trust-owned insurance policies to determine whether the trust can be transferred to us and whether we wish to administer it. If a transfer is possible and agreeable, Santa Fe Trust will advise your financial advisor how to proceed. Santa Fe Trust must review all trust documents and current (or proposed) life insurance policies before it can determine whether to accept a successor Trustee appointment. Typically, this is a two-week process.
5. With respect to a new ILIT and assuming we agree to serve in a fiduciary capacity after reviewing the final trust document draft, the final document must be executed by you and forwarded to us by the Insurance Advisor. We will apply for a tax identification number and notify the insurance advisor.
6. As our Insurance Advisor, you must complete and submit to us our ILIT Administrative Review Checklist disclosing all personal information necessary to the establishment of the trust account on our trust accounting system.
7. Santa Fe Trust will set up the new account, including a trust-specific working capital account at our bank.
8. Insurance Advisors who are not already licensed to sell life insurance in New Mexico must obtain a New Mexico non-resident life insurance sales license through the New Mexico Insurance Licensing Department [(505) 827-4551].
9. The insurance application must be signed by the insured and sent to Santa Fe Trust for review and our signature as “owner.” The trustmaker must not sign the application as the owner of policy. We will submit the signed application to you for submission to the insurer.
10. We will notify the trustmaker and you in writing when it is necessary for the trustmaker to make the initial cash gift to the trust plus pay the account set-up and first year trust administration fees.
11. Thereafter, we will commence our administration duties and timely generate any required gift notices (Crummey letters) to the beneficiaries.
12. After IRS-required 30-day waiting period (or longer if required by the trust document) from the date Crummey letters are sent, we will pay the policy premiums.
13. SFT will send confirmation letters to all pertinent parties.

The following procedures must be followed to establish a new charitable trust account relationship with Santa Fe Trust:

1. If the charitable trust is in the creation stage, we recommend that the drafting attorney contact our Charitable Division attorneys to review the specifics of the trust and the proposed trust document language before the trust is executed.
2. If the trust is in already in existence and currently being administered by another trustee, Santa Fe Trust will review the document to determine if the trust can be transferred. If a transfer is possible and agreeable to us, Santa Fe Trust will advise how to proceed. Santa Fe Trust must review all trust documents and current (or proposed) contributions and investments before it can determine whether to accept an initial or successor Trustee appointment. Typically, this is a two-week process.
3. Depending on what type of investment or securities licenses you hold, you may have to be licensed in the State of New Mexico to act as the Investment Manager of the trust. We urge you to contact your licensing department, visit the Regulations and Licensing Department (RLD) of the State of New Mexico's Web Site or call the RLD at (505) 827-7140 to determine if you need to be licensed in New Mexico.
4. Santa Fe Trust works together with you to establish the investment guidelines for the trust and open an account in the name of the trust at your custodian.
5. Santa Fe Trust (the Trustee), the trustmaker and you must sign all pertinent trust documents and agency agreements.
6. The trust must be funded properly (if new) or its assets transferred to us (if it is preexisting).
7. Once Santa Fe Trust assumes its duties, you will commence investing the assets of the trust in accordance with the trust document and under the plan to which we agree.
8. Santa Fe Trust will receive trust account investment information from the custodian (with your assistance in getting the data feed established), perform trust accounting, and produce and mail periodic (usually quarterly) trust account statements directly to the entitled beneficiaries (and you, if you wish). The trust client will no longer receive an investment account statement from you unless (s)he specifically requests one. The consolidated trust account statements we prepare reflect all investment activity in the trust account plus any trust account activity, thus replacing individual investment account statement(s). Santa Fe Trust will provide space on the trust account statement for your name.
9. Santa Fe Trust will hold periodic meetings (usually by phone) with you and the trust client (if requested) to review the trust account investment performance and adherence to the investment policy statement.