Opening New Accounts Part 3: Fiduciary, Trust, Minor, and Court Ordered Accounts

An individual identifying themselves as a "fiduciary" wanting to open an account on behalf of the estate of a deceased individual, minor child, incapacitated individual, or formal trust can create much angst, mainly because the funds' owner is often absent. This two-hour webinar answers critical questions and concerns regarding documentation and compliance regulations when opening accounts for trustees, personal representatives, and fiduciaries. 

Recorded Friday,
November 3rd, 2023
Presented by Suzie Jones
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • BSA
  • Compliance
  • CRA Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • Deposit Compliance
  • Fraud
  • General Compliance
  • Risk Management/Legal
  • Teller
  • Transaction Compliance
  • Trusts
  • Bank Legal Counsel
  • Bank Secrecy Act Officer/BSA Specialist
  • Branch Manager
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Marketing Officer/Business Development
  • New Accounts Representative
  • Private Banker
  • Risk Manager
  • Teller
  • Training Manager
  • Trainer
  • Trust Officer

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Formal, Informal, Revocable, Irrevocable, Minor Custodial Accounts, Court Ordered Accounts – what does it all mean? It never fails to raise the panic level when someone dumps a binder full of legal documents on your desk and requests to open a revocable living trust, estate account, or an account for an incapacitated person! This two-hour webinar will delve into the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts correctly, and allowing proper access to Trust, Fiduciary, Minor, and Court Ordered accounts not only during lifetime but at the death of a signer.

What You'll Learn

  • Defining a Trustee, Personal Representative, and Fiduciary’s Roles and Responsibilities
  • TIN Compliance and Documentation Requirements for Trust, Minor, and Fiduciary Accounts
  • Parties to a Trust
  • Formal vs. Informal Comparison
  • Revocable and Irrevocable Trust Accounts Comparison
  • Key Questions to Ask When Setting Up Trust Accounts
  • Payable on Death (POD)
  • Single, Individual, Joint, or Multiple Account in a Minor’s Name
  • Uniform Transfer to Minor’s Account (UTMA)
  • Roles and Responsibilities of a Personal Representative
  • Understanding Estate Accounts -Small Estate (Non-Probate) Accounts
  • Guardianship/Conservator Accounts
  • SSA/SSI Representative Payee/Veterans Affairs Federal Fiduciary
  • New FDIC Insurance Rules For Trust Accounts Effective 4/1/2024

Who Should Attend

Customer contact personnel, supervisors, and officers whose responsibilities include opening or managing new accounts need this course. Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, training and Business Development Officers, Internal Auditors, and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative as well.

Suzie Jones

Instructor Bio

With over 40 years of banking experience, Suzie has a reputation as being extremely knowledgeable and high-energy with a unique ability to take technical information and make it interesting and applicable. After 22 years, Suzie recently retired as an Executive Vice President from a large regional bank where she provided overall leadership and risk management to the $11B Investments Division. For decades Suzie opened new accounts, managed new account teams, and provided hands-on input and leadership to the AML and BSA Committees within the bank. Suzie has a passion for sharing technical knowledge and lessons learned to provide risk management and promote excellence in the workplace. She partners nationally with individual banks, credit unions, private companies, small boutique firms, and provides training for 17 state bank associations.