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Most fiduciary accounts are established by a triggering event, such as death or incompetence – but a trust account is established by choice. Although most staff members understand the procedures required to open a trust account, many do not understand why the trust was established or how the account is covered by FDIC insurance. It’s confusing because a personal account and a trust account can appear very similar. When funds are transferred from a personal account to a trust account, there may be the same signers and tax identification number. Therefore, the difference between the two is not always obvious, until you consider management of the funds after the death of the grantor(s) – and that is the primary purpose for most trusts. Death has no effect on the continuation of a trust. In fact, certain trusts are only created at death. Trusts are invaluable in the estate planning process and continue to gain popularity.
It is critical to be comfortable and confident when handling the trust relationship and understand trust FDIC options, too. This program is designed to provide a detailed understanding of both trust entities and their unique FDIC insurance coverage.
HIGHLIGHTS
Benefits of a trust
How a trust impacts the estate planning process
The roles of each participant in a trust document
When and how a trust can be altered
How FDIC insurance applies to funds held in the name of a trust
Documentation that should be obtained
TAKE-AWAY TOOLKIT
Elements of a trust reference chart
FDIC trust coverage summary
Employee training log
Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND? Staff involved in the new account process, including personal bankers, branch managers, operations managers, compliance managers, and those responsible for establishing or monitoring new accounts.
ABOUT THE PRESENTER – Linda Quick, Quick Training Solutions, Founder, recognizing that many institutions need personalized, consistent training without adding a full-time trainer to their staff. Linda specializes in developing a partnership with her clients by focusing on their specific training needs, policies, and procedures. She is able to make topics real because she has worked the frontline and knows the challenges and rewards in the financial services industry. Prior to starting Quick Training Solutions, Linda worked her way up from teller to senior management. With over 30 years’ experience, Linda’s career responsibilities have included all aspects of retail services, compliance, internal audit, retirement plan administration, training, and employee development. Linda has been an instructor for numerous financial associations since 1991.
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