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Do’s and Don’ts on Formal and Informal Trust Accounts, Webinar

August 7, 2019 @ 1:30 pm - 3:30 pm CDT

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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?