Common Problems in Opening Accounts & Lending to Trusts

Common Problems in Opening & Lending to Trusts

Compliance Frontline & New Accounts IRA & HSA Lending Operations Deposit Account Compliance Managers & Supervisors

On-Demand Webinar

StreamedAug 29, 2024Duration90 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

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Do you trust yourself with trusts? Opening and lending to trusts require adherence to different rules than other accounts.

Since trusts are a separate legal entity, care must be taken to only allow authorized individuals to access and/or borrow from them. This practical program will provide all the particulars and helpful checklists so you can handle trusts with confidence and reduce the risk of loss to your institution.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

Explain the parties involved in a trust and how they interact with your institution
Understand who can sign on behalf of the trust on a deposit account and/or loan documents
Distinguish when your institution may rely on a Certification of Trust in lieu of reviewing the entire trust agreement
Define the documents required when your institution opens an account for a trust and when you lend to a trust
Reduce your institution’s risk of trust-related loss

WEBINAR DETAILS

Opening a deposit account for a trust is substantially different from opening an account for an individual. The same goes for lending to a trust. Many people treat trust property like it is their own personal property – which is NOT correct. The trust is a separate legal entity even if it uses the grantor’s Social Security number. Moreover, trust agreements are lengthy, complicated legal documents which, if not handled properly, can expose your institution to significant liability.

This webinar will explain the proper documentation and other information that you must obtain before opening accounts for trusts, including determining who is authorized to transact business on the trust’s account. In addition, it will explain the necessary loan documents that must be obtained and everything else your institution must evaluate before making loans to trusts, including determining whether the trust has the power to borrow money and/or pledge trust assets.

WHO SHOULD ATTEND?

This informative session will be useful to both deposit and loan operations, including new accounts personnel, loan documentation staff, service representatives, tellers, officers, attorneys, compliance personnel, and managers.

TAKE-AWAY TOOLKIT

Checklist of items required when opening a deposit account for a trust
Checklist of items required when making a loan to a trust
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.