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Understanding Revocable and Irrevocable Trust Documents

This webinar will provide attendees information on doing business with trusts, including the best practices in establishing deposit account and loan relationships.

OnDemand
Recorded Tuesday,
December 7th, 2021
Presented by Terri D. Thomas
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Risk Management/Legal
  • Bank Legal Counsel
  • Branch Manager
  • Commercial Lender
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • New Accounts Representative
  • Private Banker
  • Small Business Lender
  • Teller
  • Trust Officer

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Financial institutions are required to complete transactions for customers who have created revocable and irrevocable trusts. To protect your financial institution's interests when using these documents, it is imperative to understand the basic do's and don'ts. This presentation will provide financial institution personnel with best practices to use when dealing with these complex legal documents.


What You'll Learn

  • What are the differences between revocable and irrevocable trusts?
  • What does it mean when a trust is called a "living trust" versus a "testamentary trust?"
  • How does the financial institution establish the relationship, including changing titles and performing transactions (loans or deposits)?
  • How many co-trustees does it take to bind the trust?
  • When can a successor trustee do business for the trust?
  • Can a power of attorney be used with a trust document?
  • Can a trust own a safe deposit box?
  • Can a trust co-own an account with another trust (or person)?

Who Should Attend

Financial institution employees involved with opening new accounts, deposit or loan documentation and operations.

"A semester of law school summed up in 2 hours - my kind of webinar." -Lucas Miller, Bay State Savings Bank

"This was one of the best summaries of the basics of trusts that we have attended. We really appreciated your plain language explanation of how power of attorney and trust documents interact. Thank you!" -- Lynette Vos, Retail Banking Manager, First National Bank of Hartford

Terri D. Thomas

Instructor Bio

Terri D. Thomas, JD is the Director of the Kansas Bankers Association Legal Department, which specializes in providing compliance and legal assistance to Kansas banks.

Terri has worked with financial institutions for over thirty-nine years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. She has also served as a trust department manager and branch manager.

Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988. She has served as an Adjunct Professor at Washburn University School of Law in Topeka, Kansas and the University of Kansas School of Law in Lawrence, Kansas, and is a frequent seminar presenter for financial associations in the Midwest.

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