Living Trust Documents
Financial institutions are required to complete transactions for customers who have created revocable and irrevocable trusts.
To protect your financial institution’s interests when using these documents, it is imperative to understand the basic do’s and don’ts.
This presentation will provide financial institution personnel with best practices to use when dealing with these complex legal documents.
- What are the differences between revocable and irrevocable trusts?
- What does it mean when a trust is called a “living trust” versus a “testamentary trust?”
- How does the financial institution establish the relationship, including changing titles and performing transactions (loans or deposits)?
- How many co-trustees does it take to bind the trust?
- When can a successor trustee do business for the trust?
- Can a power of attorney be used with a trust document?
- Can a trust own a safe deposit box?
- Can a trust co-own an account with another trust (or person)?
Financial institution employees involved with opening new accounts, deposit or loan documentation and operations.
Terri D. Thomas is Senior VP and Legal Department Director for the Kansas Bankers Association. Prior to this, she was with “Bankers Choice,” a financial consulting firm. Before this, Terri was employed in the financial industry for over twenty-three years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988.
Presently, she serves as an adjunct instructor at Washburn University School of Law and the University of Kansas School of Law and is a frequent seminar presenter for financial associations.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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