Opening New Accounts Part III: Trust and Fiduciary

Course Number: Webinar

Course Code: n/a

Formal, Informal, Revocable, Irrevocable, Minor Custodial Accounts, Court Ordered Accounts – what does it all mean? It never fails to raise the panic level when someone dumps a binder full of legal documents on your desk and requests to open a trust account, estate account or an account for a minor. This two-hour webinar, which is Part III of a three-part series, will delve into the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts correctly, and allowing proper access to Trust, Fiduciary and Minor accounts not only during lifetime but at the death of a signer as well. Part II of this three-part series encompasses Business Accounts and Part I addresses Personal and Consumer Accounts.

It is highly recommended that attendees have a copy of their financial institution’s account agreement and signature card to use as a reference during the session.

Covered Topics
-Defining Trustee, Personal Representative, and Fiduciary Roles and Responsibilities
-TIN Compliance for Trust, Minor and Fiduciary Accounts
-Proper Account Titling
-Trust Accounts
What is the Benefit of Setting up a Trust?
Parties to a Trust
Documentation Requirements
Trust Account Certification
Formal vs. Informal Comparison
Key Questions to Ask When Setting Up Trust Accounts
Six Pieces of Required Information For all Trust Accounts
Revocable and Irrevocable Trust Accounts Comparison
-Informal Trust Accounts
What Makes a Trust ?Informal??
Account Titling Requirements
TIN Compliance
Payable on Death (POD)
As Trustee For, In Trust For, Totten Trusts
-Formal Trust Accounts
What Makes a Trust ?Formal??
Account Titling Requirements
TIN Compliance
Documentation Requirements
-Minor Accounts
Single / Individual Account in Minor?s Name
Joint / Multiple Party Account with a Minor
Uniform Transfer to Minor?s Account (UTMA)
Minor?s Access to Funds
-Court Ordered Accounts
Roles and Responsibilities of a Personal Representative
Understanding Estate Accounts
Guardianship/Conservator Accounts
Social Security Representative Payee

Audience: Customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts. Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative as well.

Prerequisites: n/a

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Member Price: $295.00
Non-Member Price: $295.00
Textbook Charge: $0.00

Credits: 2.5 CE

Length: 2 hours

ABA Training