Opening Trust Accounts: 10 Hot Spots

We will cover the opening and documentation for trust accounts. We will look at specialty trust accounts. You will also receive tips and checklists on what to look for in a trust document. We will review the social security number and employer identification number requirements. You will learn how to stay clear of the 10 hot spots when opening and managing trust accounts in your branches.

Covered Topics:

  • Breaking down a trust document and getting what the financial institution needs
  • Looking for important parts-grantors, trustees, beneficiaries and successor beneficiaries
  • Your job as a withholding agent—SSNs and EINs on trusts
  • Specialty trusts—Child Actor Trust, Miller Trust, Medicaid trusts
  • What documentation is needed to open a trust account
  • Can we update signature card or do we close existing accounts?
  • Can a power of attorney coincide with a trust document?
  • What happens when a trustee dies?
  • 10 Hot Spots to look for and be careful of when opening trust accounts

Who Should Attend?

New Accounts Representatives, Personal Bankers, Training, Branch Operations, Branch Compliance and anyone who opens or supervises the opening of accounts.