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 will delve into the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts correctly, and allowing proper access to Trust, Fiduciary, Court Ordered, and Minor accounts not only during lifetime but at the death of a signer as well.
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.
What You’ll Learn
- Defining Trustee, Personal Representative, and Fiduciary Roles and Responsibilities
- TIN Compliance for Trust, Minor and Fiduciary Accounts
- Proper Account Titling
- Formal vs. Informal Trust Comparison
- Key Questions to Ask When Setting Up Trust Accounts
- Six Pieces of Required Information For all Trust Accounts
- Revocable vs. Irrevocable Trust Accounts
- Payable on Death (POD)
- As Trustee For, In Trust For, Totten Trusts
- Minor Accounts
- Court Ordered Accounts
- Roles and Responsibilities of a Personal Representative
- Understanding Estate Accounts
- Guardianship/Conservator Accounts
- Social Security Representative Payee
- Veteran’s Affairs Fiduciary
Who Should Attend
Customer contact personnel, supervisors, and officers whose responsibilities include opening or managing new accounts, as well as 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.
