Financial institutions are required to complete transactions for customers who have created revocable and irrevocable trusts. To protect your financial institution’s interests when using these documents, it is imperative to understand the basic do’s and don’ts. This presentation will provide financial institution personnel with best practices to use when dealing with these complex legal documents. It does not provide detailed information on any particular state’s laws.
What You’ll Learn
- Differences between revocable and irrevocable trusts
- What it means when a trust is called a “living trust” versus a “testamentary trust”
- How to establish the relationship, including changing titles and performing transactions (loans or deposits)
- What are the issues when there are co-trustees for the trust
- When can a successor trustee do business for the trust
- The relationship between power of attorney documents and the trust documents
- Trusts as a safe deposit boxholders
- What happens when a trust co-owns an account with another trust (or person)
Who Should Attend
Financial institution employees involved with opening new accounts, deposit or loan documentation, and operations.