Webinar: Opening Trust Accounts: Documentation, Authority, Liability

Start: 3:00 pm
End: 4:30 pm
Event Days: 12/05/2012 - 12/05/2012

Many accountholders use trusts to plan for their estate, family, taxes, etc. When opening these special accounts, you need to know about proper documentation, CIP and account card responsibilities. You must also understand the trustee(s) authority and duties, as well as your credit union's responsibility and liability. This webinar will cover standard trust-opening procedures and many questions that arise as trusts and accountholder situations change.

About This Session:

This webinar will cover the following topics:

  • Informal vs. formal trusts
  • CIP (Customer Identification Program)
  • Account card contracts and disclosures
  • Opening an account when a trust is revocable vs. irrevocable, including which TIN to use
  • Key players in a trust
  • What do to when a trustee dies
  • Identifying the payee
  • The role of power-of-attorney
  • Trustee name changes
  • Insuring a trust when a financial institution closes
  • Setting up a trust with an existing accountholder
  • Joint ownership
  • Joint WROS
  • Amending, changing and revoking trusts