Opening Trust Accounts: Documenting Authority and Liability
This webinar will cover standard trust-opening procedures and many questions that arise as trusts and account holder situations change.
Many account holders use trusts to plan for their estate, family, taxes, etc. When opening these special accounts, you need to know about proper documentation, CIP, and signature card responsibilities. You must also understand the trustee(s) authority and duties and your bank’s responsibility and liability.
- What is the difference between an informal and formal trust?
- How is CIP (Customer Identification Program) accomplished on a trust?
- How are signature card contracts styled and what disclosures are given?
- Is there a difference in how the account is opened depending on whether a trust is revocable or irrevocable? Whose TIN is used? Does it matter?
- Who are the key players in a trust?
- What happens if a trustee dies? What documentation is needed and what happens if the trust becomes irrevocable?
- Who is the payee when depositing, opening, or closing a trust?
- Can there be a power-of-attorney with a trust?
- What happens if a trustee’s name changes?
- What if a financial institution closes? How is the trust insured?
- How can a trust be set up with an existing account holder?
- Should a trust have joint owners on the account?
- Can you have two trusts in one account set-up as joint WROS?
- Can trusts be amended, changed, or revoked? What paperwork is involved?
This informative session will be useful for new account representatives, customer service representatives, branch administration, branch operations, branch managers, personal bankers, and anyone who opens trust accounts or handles trust transactions.
Deborah Crawford is the President of gettechnical inc. She specializes in compliance and regulations for the deposit side of financial institutions. Her 20+ year career in banking and training began at Hibernia National Bank. She has been a seminar leader for many state associations and credit union groups across the nation. She has Bachelors and Masters degrees from Louisiana State University.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits.
Either Live or 6-Month On-Demand Webinar: $255
Both Live and 6-Month On-Demand Webinar: $355
Online: Click here.
Phone: Call Total Training Solutions at (800) 831-0678
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