Handling Trusts & Other Fiduciary Accounts

Opening a deposit account for a trust is substantially different – and riskier – than opening an account for an individual. Although many people i

Compliance Frontline & New Accounts IRA Operations

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

See Registration Options

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

Save when you buy the series!

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

Elizabeth Fast