Opening Trust Accounts: Documentation, Signatories & FDIC Insurance Coverage
Wednesday, October 26, 2016
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
Most fiduciary accounts are established by a triggering event, such as death or incompetence – but a trust account is established by choice. Although most staff members understand the procedures required to open a trust account, many do not understand why the trust was established or how the account is covered by FDIC insurance. It’s confusing because a personal account and a trust account can appear very similar. When funds are transferred from a personal account to a trust account, there may be the same signers and tax identification number. Therefore, the difference between the two is not always obvious, until you consider management of the funds after the death of the grantor(s) – and that is the primary purpose for most trusts. Death has no effect on the continuation of a trust. In fact, certain trusts are only created at death. Trusts are invaluable in the estate planning process and continue to gain popularity.
It is critical to be comfortable and confident when handling the trust relationship and understand trust FDIC options, too. This program is designed to provide a detailed understanding of both trust entities and their unique FDIC insurance coverage.
Continuing Education: Attendance verification for CE credits upon request
- Benefits of a trust
- How a trust impacts the estate planning process
- The roles of each participant in a trust document
- When and how a trust can be altered
- How FDIC insurance applies to funds held in the name of a trust
- Documentation that should be obtained
- TAKE-AWAY TOOLKIT
- Elements of a trust reference chart
- FDIC trust coverage summary
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for staff involved in the new account process, including personal bankers, operations managers, compliance managers, and those responsible for establishing or monitoring new accounts.
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