Many customers use trusts to plan for their estate, family, taxes, etc. When opening these special accounts, you need to know about proper documentation, CIP, and signature card responsibilities. You must also understand the trustee(s) authority and duties and your bank’s responsibility and liability. This webinar will cover standard trust-opening procedures and many questions that arise as trusts and account holder situations change.

Covered Topics:

• What is the difference between an informal and formal trust?
• How is CIP (Customer Identification Program) accomplished on a trust?
• How are signature card contracts styled and what disclosures are given?
• Is there a difference in how the account is opened depending on whether a trust is revocable or irrevocable? Whose TIN is used? Does it matter?
• Who are the key players in a trust?
• What happens if a trustee dies? What documentation is needed and what happens if the trust becomes irrevocable?
• Who is the payee when depositing, opening, or closing a trust?
• Can there be a power-of-attorney with a trust?
• What happens if a trustee’s name changes?
• What if a financial institution closes? How is the trust insured?
• How can a trust be set up with an existing account holder?
• Should a trust have joint owners on the account?
• Can you have two trusts in one account set-up as joint WROS?
• Can trusts be amended, changed, or revoked? What paperwork is involved

Who Should Attend?
This informative session will be useful for new customer representatives, customer service representatives, call center representatives, Branch administration, branch operations, branch managers, compliance, BSA and anyone who opens new accounts.

REGISTRATION OPTIONS

If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.