Opening Trust, Fiduciary and Minor Accounts--Documentation and Compliance Requirements

Patrice Konarik


Patrice M. Konarik, CFP®, is president and founder of Sunwest Training Corp. located near San Antonio, Texas. With over 25 years experience in the financial industry, Patrice has focused her expertise on the retirement and new account areas. In over 20 states, Patrice is considered the top resource for live IRA training seminars and Webinars for thousands of bank and credit union employees each year. She has a BS from New York’s Binghamton University and earned her Certified Financial Planner™ designation in 1990. Patrice has a "down-to-earth", humorous training style and encourages interaction during the training sessions.
Thursday, November 5th, 2009
10:00 am - 12:00 pm CT

The Institute of Certified Bankers (ICB) is dedicated to promoting the highest standards of performance and ethics within the financial services industry.  The Opening Trust, Fiduciary and Minor Accounts - Documentation and Compliance Requirements has been approved for 2.50 CCSR, 2.50 CPB, 2.50 CRCM credits.  This statement should not be viewed as an endorsement of this program or its sponsor.

Formal, Informal, Revocable, Irrevocable, Minor Custodial Accounts, Guardianship, Conservatorship - what does it all mean? It never fails to raise the panic level when someone dumps a binder full of legal trust documents on your desk or presents the financial institution with court documents. This two hour webinar will delve into the responsibilities of collecting the correct documentation, titling the account correctly, choosing the correct ownership and allowing proper access to the account.

The Following Issues Will Be Explored:

  1. How should a POD or ITF trust account be titled in order to create the informal trust account?
  2. What are the six pieces of information required to create a formal trust account?
  3. How do we know which Taxpayer Identification Number to use on the trust account?
  4. What is the difference between a Uniform Transfer to Minors Act Account and a "minor by" custodial account?
  5. What are the most important elements of court-ordered guardianship or conservatorship documents?

You are encouraged to have a copy of your account agreement and signature card handy to reference during the webinar.

Who Should Attend?

All customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts and certificates of deposit. Excellent for supervisors or officers who have recently assumed the responsibility of the new account area but have never actually worked in new accounts. Internal Auditors and Compliance Officers will find the information exceptionally beneficial as well.
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