WILLIAMS LEGACY GROUP

WHAT IS THE TRIPLE LOCK?

The Triple Lock is a comprehensive IRS notification protocol that establishes and documents fiduciary relationships for trusts, estates, and business entities. It consists of three coordinated IRS filings that work together to:

1. Designate the Responsible Party with the IRS
2. Establish Fiduciary Authority for tax matters
3. Create Official Record of the trust/entity relationship

The Three Components

WHY IS THE TRIPLE LOCK IMPORTANT?

TRIPLE LOCK CHECKLIST

PHASE 1: PRE-FILING PREPARATION

Entity Information Gathering

• ☐ Entity Legal Name (exactly as it appears on formation documents)
• ☐ EIN (Employer Identification Number) - Required before filing
• ☐ Entity Type (Trust, Corporation, LLC, Partnership, Estate)
• ☐ Date of Formation/Creation
• ☐ State of Formation
• ☐ Principal Business Address
• ☐ Mailing Address (if different from principal address)

Responsible Party Information

• ☐ Full Legal Name of Responsible Party
• ☐ SSN or ITIN of Responsible Party
• ☐ Title/Capacity (Trustee, Officer, Manager, Executor, etc.)
• ☐ Effective Date of appointment
• ☐ Contact Phone Number
• ☐ Contact Email Address

Supporting Documentation

• ☐ Trust Agreement or Formation Documents (Articles, Operating Agreement)
• ☐ EIN Assignment Letter (CP 575 or 147C)
• ☐ Appointment Documentation (Certificate of Trust, Resolution, Court Order)
• ☐ Prior Responsible Party Information (if changing from existing)
• ☐ Death Certificate (if assuming role due to death of prior fiduciary)

PHASE 2: FORM 8822-B - CHANGE OF RESPONSIBLE PARTY

Purpose: Notifies IRS of the individual who has authority to control, manage, or direct the entity and its assets.

Required Information

• ☐ Entity EIN
• ☐ Entity Name and Address
• ☐ New Responsible Party Name
• ☐ New Responsible Party SSN/ITIN
• ☐ New Responsible Party Title
• ☐ Effective Date of Change
• ☐ Prior Responsible Party Name (if applicable)
• ☐ Signature of New Responsible Party

Filing Instructions

1. Complete Form 8822-B using information gathered in Phase 1
2. Sign and Date the form (wet signature required)
3. Make Copy for your records before mailing
4. Mail to IRS at: Department of the Treasury, Internal Revenue Service, Kansas City, MO 64999

Timeline: Processing Time: 4-6 weeks. IRS does not send confirmation.

PHASE 3: FORM 56 - NOTICE CONCERNING FIDUCIARY RELATIONSHIP

Purpose: Notifies IRS that a fiduciary relationship exists and identifies the fiduciary authorized to act on behalf of the entity.

Required Information

Part I - Identification

• ☐ Name of person for whom acting (entity name)
• ☐ EIN of entity
• ☐ Address of entity
• ☐ Fiduciary's name and address
• ☐ Fiduciary's SSN or EIN

Part II - Authority

• ☐ Type of fiduciary (Executor, Trustee, Guardian, Receiver, Other)
• ☐ Date authority granted
• ☐ Court/jurisdiction (if court-appointed)

Part III - Tax Matters

• ☐ Type of taxes (income, employment, excise, etc.)
• ☐ Tax form numbers (1040, 1041, 1120, etc.)
• ☐ Tax periods covered

Attachment A - Required Supporting Documentation

• ☐ Copy of Trust Instrument or relevant pages showing: Trust name, Date of trust, Trustee appointment provisions, Trustee powers, Signature page
• ☐ Certificate of Trust (if available)
• ☐ Letters Testamentary/Letters of Administration (for estates)
• ☐ Court Order (if court-appointed fiduciary)

PHASE 4: FORM 56-F - FINANCIAL INSTITUTION NOTICE

Purpose: Specialized notice for entities that operate as or with financial institutions.

When Required

Form 56-F is filed when the entity:

• ☐ Operates as a financial institution
• ☐ Has banking or financial account responsibilities
• ☐ Serves as withholding agent
• ☐ Has international financial reporting obligations
• ☐ Manages accounts subject to FATCA reporting

PHASE 5: POST-FILING PROCEDURES

Immediate Actions (Within 7 Days of Filing)

• ☐ Create Filing Record: Date mailed, Method (Certified Mail), Tracking number, Copies of all forms
• ☐ Update Entity Records: Note Triple Lock filing date, Update responsible party records
• ☐ Calendar Follow-Up: Set reminder for 6 weeks, Set reminder for 90 days

Verification (6-8 Weeks After Filing)

• ☐ Check for IRS correspondence addressed to new responsible party
• ☐ Optional: Call IRS Business Line (1-800-829-4933) for verbal confirmation
• ☐ Optional: Request Account Transcript (Form 4506-T)

Ongoing Maintenance

• ☐ Annual Review: Confirm responsible party still accurate
• ☐ Change of Address: File new Form 8822-B if address changes
• ☐ Termination: File Form 56 Part IV when trust terminates or fiduciary changes

FILING CHECKLIST SUMMARY

COMMON ISSUES AND SOLUTIONS

IMPORTANT NOTES

IRS RESOURCES

This checklist is provided for informational purposes only and does not constitute legal, tax, or professional advice. Consult with qualified professionals before implementing.