Handling Trusts & Other Fiduciary Accounts
On-Demand Webinar:
StreamedMay 18, 2022Duration90 minutes
- Unlimited & shareable access starting
two business days after live stream - Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
Trusts are a horse of a different color.
They have distinct parameters and more risk than regular deposit accounts. Likewise, other fiduciary accounts must be treated differently. This webinar will address those differences,
risks, documentation, authorizations, and potential pitfalls.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Use the proper tools to evaluate and mitigate the risks associated with trust and fiduciary accounts
- Define the legal concept of fiduciary duty regarding trust, custody, conservator, and other fiduciary accounts
- Explain the legal requirements to open a trust or other fiduciary account
- Understand the specific CIP and beneficial ownership information that must be obtained for fiduciary accounts
- Distinguish between when your institution serves only as a depository versus when it serves as a fiduciary
WEBINAR DETAILS
Opening a deposit account
for a trust is substantially different – and riskier – than opening an account
for an individual. Although many people
inappropriately treat trust property as their own individual property, your
financial institution must recognize the trust as a separate legal entity from
the individual. Otherwise, trust
beneficiaries may claim that your financial institution should have known that
the trustee was using the deposit account for his/her individual purpose or
otherwise in breach of his/her fiduciary duty.
This webinar will explain
everything you need to know about opening trusts and other fiduciary accounts,
including proper account documentation, authorization requirements, and red
flags. In addition, you’ll learn how to
reduce the risk of loss when dealing with trusts and other fiduciary accounts.
WHO SHOULD ATTEND?
This informative session
will be beneficial to all deposit operations personnel, trust operations
personnel, officers, managers, compliance personnel, internal auditors, and
attorneys.
TAKE-AWAY TOOLKIT
- Checklist of items to review and evaluate when opening a deposit account for a trust or other fiduciary
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are
subject to copyright. Transmission, retransmission, or republishing of any
webinar to other institutions or those not employed by your institution is
prohibited. Print materials may be copied for eligible participants only.
Presented By
Spencer Fane LLP
This Webinar Appears In
© 2022 FINANCIAL EDUCATION & DEVELOPMENT, INC