Opening Complex New Accounts Part II: Trust and Fiduciary

This is for Part 2 only. For series pricing, CLICK HERE.

A Fiduciary is a legal representative for someone who has either delegated authority to another individual or is mentally or physically unable to manage their affairs. It never fails to raise the panic level when a Trustee, Guardian, Executor, or POA agent dumps a binder full of legal documents on your desk and requests to open an account. To compound the anxiety, the actual owner of the funds typically is not present. Understanding what documents can be required to validate the Fiduciary's authority and protect the financial institution is crucial. This three-hour comprehensive webinar, Part II of a two-part series, will discuss the responsibilities of collecting appropriate documentation, titling accounts correctly, using an SSN vs. an EIN, and allowing proper access not only during lifetime but at the death of the Fiduciary. Although not customized to state law, this session will provide a comprehensive understanding of what is required by your state.

Our presenter, Suzette "Suzie" Jones, CFP®, is known nationally as being extremely knowledgeable with a unique ability to take technical information and make it interesting and applicable. The detailed and comprehensive PDF of Suzie's PowerPoint presentation is included in the registration and serves as an invaluable resource and a guide for developing policy and procedures.

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

  • What is the Role and Responsibility of a Fiduciary?
  • What is the Bank's Responsibility When the Owner of an Account is Not Present?
  • TIN Compliance for Trust, Minor, and Fiduciary Accounts – SSN VS. EIN
  • Proper Account Titling
  • Trust Account Overview – Why Set Up a Trust?
  • Who Are The Parties to a Trust, and From Whom Can The Bank Take Direction?
  • Understanding the Authority and Limitations of the Parties to a Trust • Why are Living Trusts So Popular?
  • Which Bank Accounts Help Customers Avoid Probate?
  • Why Avoid Probate?
  • Six Key Pieces of Information Needed to Open a Trust Account
  • Does Your Bank Need/Want the Entire Trust Agreement?
  • Formal Revocable & Formal Irrevocable Trusts
  • Payable on Death Accounts (POD) / Totten Trusts
  • Power of Attorney – How can a bank protect itself when accepting an Out-Of-House POA?
  • Out-of-House POA Checklist Included
  • Uniform Transfer to Minor Account (UTMA) – Why Are Banks Reluctant to Offer?
  • Court Ordered: Estate, Guardianship, Conservatorship Accounts
  • Social Security Representative Payee and Veteran’s Affairs Fiduciary
  • TIN Compliance "Cheat Sheet" Included In Session

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.