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Opening New Accounts Part III: Trust and Fiduciary
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When: Wednesday, February 19, 2020
Where: United States

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Photo: Suzie Jones

Opening New Accounts Part III: Trust and Fiduciary

Wednesday, February 19, 2020

12:30 pm - 2:30 pm MT

Suzie Jones

Starting at $265

Can’t attend? OnDemand playback is included.
2.5 CE Credits

This is for Part 3 only. For series pricing, CLICK HERE.

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

o What is the Benefit of Setting up a Trust?

o Parties to a Trust

o Documentation Requirements

o Trust Account Certification

o Formal vs. Informal Comparison

o Key Questions to Ask When Setting Up Trust Accounts

o Six Pieces of Required Information For all Trust Accounts

o Revocable and Irrevocable Trust Accounts Comparison

· Informal Trust Accounts

o What Makes a Trust “Informal”?

o Account Titling Requirements

o TIN Compliance

o Payable on Death (POD)

o As Trustee For, In Trust For, Totten Trusts

· Formal Trust Accounts

o What Makes a Trust “Formal”?

o Account Titling Requirements

o TIN Compliance

o Documentation Requirements

· Minor Accounts

o Single / Individual Account in Minor’s Name

o Joint / Multiple Party Account with a Minor

o Uniform Transfer to Minor’s Account (UTMA)

o Minor’s Access to Funds

· Court Ordered Accounts

o Roles and Responsibilities of a Personal Representative

o Understanding Estate Accounts

o Guardianship/Conservator Accounts

o 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.

About The Presenter

With over 40 years of banking experience, Suzie has a reputation as being extremely knowledgeable and high-energy with a unique ability to take technical information and make it interesting and applicable. After 22 years, Suzie recently retired as an Executive Vice President from a large regional bank where she provided overall leadership and risk management to the $11B Investments Division. For decades Suzie opened new accounts, managed new account teams, and provided hands-on input and leadership to the AML and BSA Committees within the bank. Suzie has a passion for sharing technical knowledge and lessons learned to provide risk management and promote excellence in the workplace. She partners nationally with individual banks, credit unions, private companies, small boutique firms, and provides training for 13 state bank associations.

Contact Us

Colorado Bankers Association
One Sherman Place
140 East 19th Avenue, Suite 400
Tel: 303.825.1575
Fax: 303.825.1585

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