Opening New Accounts Part III: Trust and Fiduciary
Tuesday, February 19, 2019
2:30 pm – 4:30 pm Eastern

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.

Topics Covered:

• 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

Who Should Attend?   

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.

Speaker:

Suzie Jones

Suzette (Suzie) Jones, CFP® served as an Executive Vice President at a $50B regional financial institution where her responsibilities included the overall leadership and risk management of the $11B Investment Department which included the Trust Department. She was an active member of the organization’s Trust Committee, AML, BSA, Personal/Corporate, and Non-Bank Product Risk Committees. With over 40 years of experience in the financial industry, Suzie has focused her technical expertise on new account risk and investment management. Suzie brings technical information to life with her engaging training style, real life examples, and in-depth knowledge. She holds the Certified Financial Planner (CFP®) professional designation.
 

Attendance verification for CE credits provided upon request.

Webinar Sponsored by Total Training Solutions

If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.