Opening Complex New Accounts Part II: Trust and Fiduciary

This two hour webinar 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.

Recorded Thursday,
October 28th, 2021
Presented by Suzie Jones
2h total length
2.5 CEU Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Deposit Accounts
  • Risk Management/Legal
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Credit Analyst
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Marketing Officer/Business Development
  • New Accounts Representative
  • Private Banker
  • Teller
  • Trainer
  • Trust Officer

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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.

Suzie Jones

Instructor Bio

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.

Credit Information

Recommended for 2.5 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.