In the complex and ever-evolving landscape of financial services, the integrity and legality of documents are paramount. One often under-recognized yet critical aspect that ensures these documents’ legal veracity is the Notary Public’s role. These licensed professionals act as impartial witnesses to document signing, providing a crucial layer of assurance for all parties involved. At Legacy Private Trust Company, we comprehend the significance of this role, which is why we have multiple Notary Publics as part of our specialized team. In this article, we aim to shed light on the function of a Notary Public, delineate their extensive list of responsibilities, and elucidate why their presence on staff provides unparalleled benefits to a financial institution such as Legacy Private Trust Company.
What Exactly Is a Notary Public?
A Notary Public is an individual commissioned or licensed by the state to perform acts of a legal nature, particularly in witnessing document signatures and administering oaths. Notary Publics ensure that critical documents like affidavits, deeds, and contracts are properly executed. In essence, they serve as an unbiased third party to confirm the identities of those signing the document, thereby mitigating the risk of fraudulent activities.
Duties and Functions of a Notary Public
- Identity Verification: The foundation of notarial work is establishing the credibility of the parties signing a document. This involves scrutinizing official identification methods, such as state-issued identification cards, passports, or other government-recognized documents.
- Confirmation of Willingness and Mental Competence: It is not sufficient for a Notary Public to only confirm the identity of the person signing; they must also ascertain that the individual is signing the document of their own free will and is mentally competent to understand the implications of the document they are signing.
- Administering Oaths and Affirmations: A Notary Public has the authority to administer oaths or affirmations, which are pledges of truthfulness or fidelity, often required for depositions and affidavits.
- Record-Keeping: Notary Publics are required to maintain a meticulous record or journal of all notarial acts. This record is an essential resource in any subsequent legal investigations or in confirming the veracity of documents.
- Document Certification and Notarization: The culmination of the notarial process involves placing a notarial seal on the document and signing it, thereby validating the execution of the document in a legal context.
The Strategic Advantages of In-House Notary Publics
- Efficiency in Transactional Operations: By having in-house Notary Publics, Legacy Private Trust Company significantly expedites the transaction process, eliminating the need for clients to seek external notarial services. This contributes to a more efficient and streamlined operation.
- Bolstering Client Trust and Relationship Management: The ability to offer an exhaustive range of services, including notarial services, significantly enhances the client experience. It positions Legacy Private Trust Company as a comprehensive financial service provider, deepening client trust and long-term relationships.
- Ensuring Regulatory Compliance and Internal Governance: Having in-house Notary Publics allows for stricter adherence to regulatory requirements. It also aids in internal governance by ensuring that all notarized documents meet Legacy Private Trust Company’s high standards of compliance and integrity.
- Flexibility and Responsiveness to Client Needs: Financial agreements are often time-sensitive. Having multiple Notary Publics on staff enables Legacy Private Trust Company to adapt to client needs quickly without negotiating external schedules.
- Mitigating Risk Through Expertise: Notary Publics have a keen eye for detail and a deep understanding of legal documents, making them invaluable in risk mitigation. Their expertise ensures all documents are executed correctly, minimizing potential legal complications.
The role of a Notary Public extends far beyond mere document verification; it serves as an integral component in upholding the integrity and legality of numerous financial transactions. The benefits of having multiple Notary Publics on staff at Legacy Private Trust Company are manifold, from operational efficiencies to enhanced client satisfaction and robust compliance frameworks. As a client or prospective client, you can take assurance in knowing that at Legacy Private Trust Company, your financial needs are comprehensively addressed and handled with the utmost attention to legal detail and compliance.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or connect@lptrust.com.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.
