Calendar of Events

Opening Trust Accounts: Documenting Authority & Liability

08/23/2017, 10:00 AM to Noon

No location provided

Amy Davis adavis@msbankers.com 601-948-6366

Description:

Opening Trust Accounts:
Documenting Authority & Liability


Presented by Deborah Crawford
Wednesday, August 23rd, 2017 - 10:00 am - 12:00 pm CT
 

Covered Topics:

  • 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?

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