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Opening New Accounts Part III: Trust and Fiduciary
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When: 12:30 PM
Where: United States

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Program Content:  

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 trust account, estate account or an account for a minor. This two hour webinar, which is Part 3 of a three part series, will delve into the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts correctly, and allowing proper access to Trust, Fiduciary and Minor accounts not only during lifetime but at the death of a signer as well.

It is highly recommended you have a copy of your financial institution's account agreement and signature card to use as a reference during the session.

Covered Topics:
       • Defining Trustee, Personal Representative and Fiduciary Roles and Responsibilities
       • TIN Compliance for Trust, Minor and Fiduciary Accounts
       • Proper Account Titling
       • Trust Accounts
                   o What is the Benefit of Setting up a Trust?
                   o Parties to a Trust
                   o Documentation Requirements
                   o Trust Account Certification
                   o Formal vs. Informal Comparison
                   o Key Questions to Ask When Setting Up Trust Accounts
                   o Six Pieces of Required Information For all Trust Accounts
                   o Revocable and Irrevocable Trust Accounts Comparison
       • Informal Trust Accounts
                   o Account Titling Requirements
                   o TIN Compliance
                   o Payable on Death (POD)
                   o Revocable Trust (As Trustee For, In Trust For)
      • Formal Trust Accounts
                   o Account Titling Requirements
                   o TIN Compliance
                   o Documentation Requirements
                   o Revocable vs Irrevocable Trust Accounts
      • Minor Accounts
                   o Single Account in Minor’s Name
                   o Joint Account with a Minor
                   o Uniform Transfer to Minor’s Account (UTMA)
                   o Minor’s Access to Funds
      • Court Ordered Accounts
                   o Roles and Responsibilities of a Personal Representative
                   o Understanding Estate Accounts
                   o Guardianship/Conservator Accounts
                   o Social Security Representative Payee

Who Should Attend:
All customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts and certificates of deposit. Excellent for supervisors or officers who have recently assumed the responsibility of the new account area but have never actually worked in new accounts. Internal Auditors and Compliance Officers will find the information exceptionally beneficial as well.

Suzette (Suzie) Jones, CFP® is an associate trainer for Sunwest Training Corp. With 40 years of experience in the financial industry, Suzie most recently served as an Executive Vice President with an $11B financial organization where she was an active member of the AML, BSA, Personal/Corporate Risk and Non-Bank Product Risk committees. Suzie has focused her career on technical expertise in the areas of new accounts risk management, IRAs, qualified retirement accounts and investments. Suzie brings technical information to life with her engaging training style and in-depth knowledge. She holds the Certified Financial Planner (CFP®) professional designation.



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