Education & Events

Get connected & sponsor a League event
Wisconsin's Credit Unions Unite for Good
Wisconsin Credit Union Foundation

Living, Grantor & Family Trust Accounts: Common Problems in Account Opening & Lending

This webinar will explain the proper documentation and information that must be obtained before opening accounts for trusts, including determining who is authorized to transact business. It will also clarify the necessary loan documents you must obtain and everything else that must be understood before lending to trusts, including determining whether the trust has the power to borrow money and/or pledge trust assets.

Jun 27, 2019 02:00 PM   -­­  Jun 27, 2019 03:30 PM
CT
Location


,


For More Information


p: 

c: 

Type of Event
On Demand Webinar

Who Should Attend
  • Lending
  • Live Webinars
  • On-Demand Webinars
  • Member Services
  • Compliance

Register

Description

Do you know that a trust is a separate legal entity from the grantor and trustee? Many individuals treat trust property like their own property – which is not correct. The trust is a separate legal entity, even if it uses the grantor’s Social Security number. Opening a deposit account for, or lending to, a trust is completely different from providing those services to an individual. A loan may not be valid against the trust, and your institution could be held liable for the funds in the account if a mistake is made.

This webinar will explain the proper documentation and information that must be obtained before opening accounts for trusts, including determining who is authorized to transact business. It will also clarify the necessary loan documents you must obtain and everything else that must be understood before lending to trusts, including determining whether the trust has the power to borrow money and/or pledge trust assets.

Learning Objectives

  • Differences between living trusts, grantor trusts, family trusts, revocable trusts, testamentary trusts, and business trusts
  • Who are the parties in a trust and what actions are they authorized to take?
  • Should you require the entire trust agreement or only a certification of trust?
  • If the trust agreement authorizes the trust to borrow money, can the trust guarantee a beneficiary’s loan?
  • If there are multiple trustees, must all trustees sign, or can only one trustee sign on behalf of the trust?
  • When can an individual’s Social Security number be used for the trust?

Speaker

Elizabeth Fast, JD, CPA, Spencer Fane LLP

Investment

$259.00