A trust (or escrow) acccount is an account in which a bank holds funds for specific purposes, such as to pay property taxes and/or insurance premiums associated with a mortgaged property.
Many account holders 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 financial institution’s responsibility and liability.
This webinar will cover standard trust-opening procedures and many questions that arise as trusts and account holder situations change.
- Do learn the difference between an informal and formal trust
- Don’t forget to do CIP (Customer Identification Program) on a trust
- Do learn how signature card contracts are styled and what disclosures are given
- Do remember tax reporting rules on a trust especially grantor trusts.
- Do remember the key players in a trust?
- Don’t forget 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?
- Don’t let POA on a trust unless the trust says you can
- Do remember that trusts can be amended, changed, or revoked
- And much more
Who Should Attend?
This informative webinar will benefit new account representatives, customer service representatives, branch administration, branch operations, branch managers, personal bankers, and anyone who opens trust accounts or handles trust transactions.