Event Calendar

Monday, November 30, 2020

Webinar - Handling Formal & Informal Trust Accounts: CIP, Documentation & Compliance

Start Date: 11/30/2020 9:00 AM MST
End Date: 11/30/2020 10:30 AM MST

United States 

Many people use trusts to plan for their estate, family, taxes, etc. When opening these special accounts, you need to know about proper documentation, CIP, and signature card responsibilities. You must also understand the trustee’s authority and duties and your financial institution’s responsibility and liability. This webinar will cover standard trust-opening procedures and many dos and don’ts that arise as trusts and accountholder situations change. You’ll learn the answer to most of your questions from the highlights below:

  • What is the difference between an informal and formal trust?
  • How is CIP accomplished on a trust?
  • How are signature card contracts styled and what disclosures are given?
  • Is there a difference in how the account is opened depending on whether a trust is revocable or irrevocable?  Whose TIN is used?  Does it matter?
  • Who are the key players in a trust?
  • What happens if trustees die?  What documentation is needed?  What happens if the trust becomes irrevocable?
  • Who is the payee when depositing, opening, or closing a trust?
  • Can there be a power-of-attorney with a trust?
  • What happens if a trustee’s name changes?
  • What if a financial institution closes?  How is the trust insured?
  • How can a trust be set up with an existing accountholder?
  • Should a trust have joint owners on the account?
  • Can you have two trusts in one account set-up as joint WROS?
  • Can trusts be amended, changed, or revoked?  What paperwork is involved?
Attendance certificate provided to self-report CE credits.