Opening New Accounts III - Trust, Fiduciary and Minor Accounts

This is for Part III only. For series pricing, CLICK HERE.

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 the minor's name and SSN. We'll delve into the responsibilities of collecting correct documentation, titling the account correctly, choosing the correct ownership, and allowing proper access to the account.

This is Part 3 of a three-part series. The first session is on Thursday, March 30 and the second session is on Thursday, April 14. You can attend all sessions or each one individually.

Covered Topics:

  • How should a POD or ITF trust account be titled to create the informal trust account?
  • What are the 6 pieces of information required to open a formal trust account?
  • How do you know which Taxpayer Identification Number to use on the trust account?
  • What is the difference between a Uniform Transfer to Minors Act Account and a "minor by" custodial account?
  • When can a minor access the funds in an account set up in his/her name?
  • What documents do you obtain for estate, guardianships and other court-ordered accounts?

You are encouraged to have a copy of your account agreement and signature card handy to reference during the webinar.

Who Should Attend?

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.