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 trust documents on your desk or wants to open an account in a minor's name and SSN. This two hour webinar will delve into the responsibilities of collecting appropriate documentation, providing ownership options, titling accounts correctly, and allowing proper access to accounts during lifetime and after the death of a signer.
This is Part 3 of a three-part series. The first session is on Tuesday, April 11 and the second session is on Tuesday, April 18. You can attend all sessions or each one individually.
- Understanding Trust Accounts
- Parties to a Trust
- TIN compliance for Trusts
- Informal vs. Formal Trust comparison
- Key questions to ask when setting up trust accounts
- Formal Trusts
- Six pieces of required information
- Revocable and Irrevocable comparison
- Opening Revocable Formal Trusts
- Opening Irrevocable Formal Trusts
- Informal Trusts
Revocable and Irrevocable comparison
- Payable on Death (POD)
- Revocable Trust (AT, ITF)
- Minor Accounts
- Single account in minor’s name
- Joint account with a minor
- Uniform Transfer to Minor's Account (UTMA)
- Minor's access to funds
- Understanding Estate Accounts
- Personal Representatives - Executor/Administrator
- Community property vs. separate property
- Uniform Simultaneous Death Act
- Social Security Representative Payee
- Sample Trust Account Certification Form
You are encouraged to have a copy of your account agreement and signature card handy to reference during the webinar.
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.
Susan Fonteno, CFP®, CTFA, ChFC, CASL is an associate trainer for Sunwest Training Corp. With over 30 years of financial experience, Susan most recently served as a Senior Vice President and Senior Trust Officer for a large commercial bank's trust department where she worked directly with clients in the areas of trust administration and investment management. Susan brings valuable knowledge to more complicated accounts such as fiduciary, trust, estate, conservatorship, and guardianship. Her real-life examples help to reduce the anxiety created and answer the most commonly asked questions when faced with opening these less frequented accounts. She holds the following professional credentials: Certified Financial Planner TM (CFP®); Certified Trust and Financial Advisor (CTFA); Chartered Financial Consultant (ChFC); Chartered Advisor for Senior Living (CASL).
MBA Member Price: $265
On-Demand Price: $295
What is a Webinar?
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