Handling Trusts & Other Fiduciary Accounts
On-Demand Webinar
StreamedJul 30, 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
Do you understand trust accounts and the risks they present?
Do you know what a trustee can
and cannot do? Since a trust is a separate legal entity, are there special
rules about opening, documentation, authorization, etc.? Join this lively
webinar to learn the ins and outs of dealing with trusts.
AFTER THIS
WEBINAR YOU’LL BE ABLE TO:
- Use the proper tools to evaluate the risks associated with trust and fiduciary accounts and take action to mitigate those risks
- Define the legal concept of fiduciary duty regarding trust, custody, conservator, and other fiduciary accounts
- Explain the legal requirements to open an account for a trust or other fiduciary
- Understand the specific CIP and beneficial ownership information that must be obtained for fiduciary accounts
- Distinguish when your institution serves only as a depository versus when it serves as a fiduciary
WEBINAR DETAILS
Handling a trust account
is substantially different – and riskier – than handling an individual account.
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 individual purposes or otherwise in breach of their
fiduciary duty.
This webinar will explain everything you need to know about
opening trusts and other fiduciary accounts, including proper account
documentation, authorization requirements, red flags, and how to reduce the
risk of loss.
WHO SHOULD ATTEND?
This informative session
will benefit all deposit operations personnel, trust operations staff,
officers, managers, compliance professionals, 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 account
- 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
Spencer Fane LLP
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