Opening Formal and Informal Trust Accounts


Webinar | 90 minutes

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 “dos and don’ts” that arise as trusts and account holder situations change. We will look at state specific issues including LDPS on trust accounts.

Program Highlights
• 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.
Deborah Crawford is the President of Gettechnical Inc., a Virginia and Florida based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor’s and master’s degrees from Louisiana State University. She has over 35 years of combined teaching and banking experience.