Opening New Accounts: Documentation and Compliance - Fiduciary, Trust and Estate Accounts

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 Wednesday,
November 16th, 2022
Presented by Suzie Jones
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Auditing
  • BSA
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Fraud
  • General Compliance
  • Lending Compliance
  • Risk Management/Legal
  • Sales
  • Teller
  • Transaction Compliance
  • Trusts
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Marketing Officer/Business Development
  • New Accounts Representative
  • Private Banker
  • Risk Manager
  • Senior Management
  • Small Business Lender
  • Teller
  • Trainer
  • Trust Officer

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Formal and Informal Trusts, Revocable and Irrevocable Trusts, LLC owned by a Revocable Trust, POD Accounts, Minor, UTMA Custodial Accounts, Court Ordered Accounts, Guardianships, Estates, Representative Payee, and Veterans Administration Fiduciary - what does it all mean? Why are living trusts so popular? What is a Testamentary Trust? It never fails to raise panic when someone dumps a binder full of legal documents on your desk and requests to open a trust account, estate account, or an account for a minor. To compound the complexity, on many occasions, the actual owner of the funds is not present. This two-hour comprehensive webinar will discuss the responsibilities of collecting appropriate documentation, correctly titling accounts, and allowing proper access to Trust, Fiduciary, and Minor accounts not only during the lifetime, but at the death of a signer as well.

What You'll Learn

  • What's the difference when opening a Revocable or Irrevocable Trust?
  • Living Trusts - Why so Popular?
  • Learn how Fiduciary accounts create an element of risk if not handled properly.
  • How to handle an account when the actual owner of the funds is not present.
  • Responsibilities for collecting appropriate documentation.
  • When to use an SSN vs. an EIN.
  • Allowing proper access to Fiduciary accounts not only during life, but also at the death of a Fiduciary.
  • How to handle more complex scenarios when opening a trust or fiduciary account.
  • How to manage the more challenging questions customers and employees ask.

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 extremely beneficial. Lending assistants and officers will find the information informative, and at least 85% of this information also impacts the lending area.

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 17 state bank associations.