Do you trust yourself with trusts? Opening and lending to trusts require adherence to different rules than other accounts. Since trusts are a separate legal entity, care must be taken to only allow authorized individuals to access and/or borrow from them. This practical program will provide all the particulars and helpful checklists so you can handle trusts with confidence and reduce the risk of loss to your institution. Opening a deposit account for a trust is substantially different from opening an account for an individual. The same goes for lending to a trust. Many people treat trust property like it is their own personal property – which is NOT correct. The trust is a separate legal entity even if it uses the grantor’s Social Security number. Moreover, trust agreements are lengthy, complicated legal documents which, if not handled properly, can expose your institution to significant liability.
This webinar will explain the proper documentation and other information that you must obtain before opening accounts for trusts, including determining who is authorized to transact business on the trust’s account. In addition, it will explain the necessary loan documents that must be obtained and everything else your institution must evaluate before making loans to trusts, including determining whether the trust has the power to borrow money and/or pledge trust assets.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Explain the parties involved in a trust and how they interact with your institution
- Understand who can sign on behalf of the trust on a deposit account and/or loan documents
- Distinguish when your institution may rely on a Certification of Trust in lieu of reviewing the entire trust agreement
- Define the documents required when your institution opens an account for a trust and when you lend to a trust
- Reduce your institution’s risk of trust-related loss
TAKE-AWAY TOOLKIT
- Checklist of items required when opening a deposit account for a trust
- Checklist of items required when making a loan to a trust
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
WHO SHOULD ATTEND?
This informative session will be useful to both deposit and loan operations, including new accounts personnel, loan documentation staff, service representatives, tellers, officers, attorneys, compliance personnel, and managers.
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.
MEET THE PRESENTER
Elizabeth Fast, JD, CPA, 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.
THREE REGISTRATION OPTIONS – WHAT YOU GET
1. LIVE WEBINAR
- Unlimited live connections with shareable access within your institution
- Available to view on desktop, mobile & tablet devices
- Take-away toolkit
- Live Q&A session & the presenter's contact info for follow-up questions
- Access the webinar training from your User Portal
2. ON-DEMAND WEBINAR
- Unlimited and shareable access to the recording within your institution,
starting two business days after the live date
- Available to view 24/7 on desktop, mobile & tablet devices
- Take-away toolkit
- Ability to download the webinar video and toolkit items
- Presenter's contact info for follow-up questions
- Access the webinar training from your User Portal
3. BUNDLE & SAVE
- Save when you Bundle the Live + On-Demand Webinar Registration
- Includes all the items listed above
- Full registration descriptions can be found here
