We will elevate your expertise in handling Fiduciary Accounts, from court-ordered guardianships, conservatorships, and estate accounts to voluntary fiduciaries like Social Security Rep Payee and Veterans Affairs Fiduciaries. Learn the steps for adding or removing signers on court-controlled accounts and discover the advantages of UTMA accounts for minors. To open Trust Accounts, you’ll need to be well-versed in both formal and informal trusts, understand the benefits of trusts and their key parties, and distinguish revocable vs. irrevocable trusts. In this session, you’ll become proficient in obtaining the necessary trust documentation, knowing whether you need the entire trust agreement, and navigating popular living and testamentary trusts. Stay ahead of the curve with the latest 2024 FDIC Trust Account Rules and ensure your customer’s needs are met with precision and compliance.
What You’ll Learn
Section 1 – Fiduciary Accounts
- Understanding the purpose of court-ordered Guardianships, Conservatorships, and Estate Accounts and who has authority
- The control of a court order and the role it plays when opening fiduciary accounts
- Adding or deleting signers to a court-ordered account
- The function of voluntary fiduciaries: Social Security Rep Payee & Veterans Affairs Federal Fiduciary
- Opening accounts for minors – Uniform Transfer to Minors Act account (UTMA)
Section 2 – Trust Accounts
- Understanding the benefits of a trust and its three key parties
- Navigating formal vs. informal trusts
- Identifying revocable and irrevocable trusts
- Obtaining proper trust documentation – does the bank need the entire trust agreement
- Why are living trusts so popular
- Purpose and role of a testamentary trust
- New 2024 FDIC Trust Account Rules
Who Should Attend
This session is ideal for anyone responsible for customer-facing roles, particularly those involved in new accounts, customer service, and compliance. This includes tellers, personal bankers, account managers, branch managers, and compliance officers. Additionally, any staff responsible for opening and verifying new accounts, handling customer documentation, or ensuring regulatory compliance with rules such as KYC, CIP, and AML would benefit significantly from this training.
