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Handling Trusts & Other Fiduciary Accounts

May 18 2:00 PM - May 18, 2022 3:30 PM
May 18, 2022 2:00 PM - 3:30 PM
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Trusts are a horse of a different color. They have distinct parameters and more risk than regular deposit accounts. Likewise, other fiduciary accounts must be treated differently. This webinar will address those differences, risks, documentation, authorizations, and potential pitfalls.

Learning Objectives

  • Use the proper tools to evaluate and mitigate the risks associated with trust and fiduciary accounts
  • Define the legal concept of fiduciary duty regarding trust, custody, conservator, and other fiduciary accounts
  • Explain the legal requirements to open a trust or other fiduciary account
  • Understand the specific CIP and beneficial ownership information that must be obtained for fiduciary accounts
  • Distinguish between when your institution serves only as a depository versus when it serves as a fiduciary

Opening a deposit account for a trust is substantially different – and riskier – than opening an account for an individual. 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 his/her individual purpose or otherwise in breach of his/her fiduciary duty.

This webinar will explain everything you need to know about opening trusts and other fiduciary accounts, including proper account documentation, authorization requirements, and red flags. In addition, you’ll learn how to reduce the risk of loss when dealing with trusts and other fiduciary accounts.

Agenda

Speakers

Elizabeth Fast, Spencer Fane LLP

Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.

Location

Fees

$259.00 

Please note: You may share the link with others at your credit union, however the confirmation will be sent to one primary contact at your credit union. It will be up to the primary contact to share the material with others.

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Compliance