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Demystifying Trusts: A Guide to Establishing Deposit Account and Loans

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

OnDemand
Recorded Tuesday,
October 10th, 2023
Presented by Terri D. Thomas
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Customer Service
  • Deposit
  • Lending
  • Trusts
  • Bank Legal Counsel
  • Branch Manager
  • Commercial Lender
  • 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. It does not provide detailed information on any particular state's laws.

What You'll Learn

  • Differences between revocable and irrevocable trusts
  • What it means when a trust is called a "living trust" versus a "testamentary trust"
  • How to establish the relationship, including changing titles and performing transactions (loans or deposits)
  • What are the issues when there are co-trustees for the trust
  • When can a successor trustee do business for the trust
  • The relationship between the power of attorney documents and the trust documents
  • Trusts as safe deposit box holders
  • What happens when a trust co-owns an account with another trust (or person)

Who Should Attend

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

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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