Powers-of-attorney and living trust agreements are complex legal documents used to transact business with financial institutions on a daily basis.  If not handled properly, your institution can be exposed to significant risk if the attorney-in-fact or trustee intentionally (or innocently) acts outside the scope of their authority.  Opening a deposit account or lending to a trust is substantially different from dealing with an individual.  Likewise, working with an attorney-in-fact is much different than working with the accountholder. 

This webinar will explain everything you need to know about powers-of-attorney and living trusts regarding deposit accounts and loans.  It will address opening living trust accounts, including documentation and authorization requirements, and lending to living trusts, including loan documentation and perfection of security interests in trust property.  You will also learn the proper use of powers-of-attorney on deposit accounts and loans.

Highlights:

• Various types of powers-of-attorney (durable, springing, limited, military, etc.) and when they can be used
• Differences between attorney-in-fact, representative payee, and authorized or convenience signer
• Actions the attorney-in-fact and trustee can and cannot take on behalf of the accountholder
• Who can sign for the living trust, and must all trustees sign the account and/or loan documents?
• How to reduce risk of loss from powers-of-attorney and living trusts

Take-Away Toolkit

• Checklists of items to request when lending to or opening a deposit account for a living trust
• List of important questions to ask when accepting a power-of-attorney
• Employee training log
• Quiz you can administer to measure staff learning and a separate answer key