Event Calendar

Wednesday, May 18, 2022

Deposit Ops Series: Handling Trusts & Other Fiduciary Accounts Webinar

Start Date: 5/18/2022 9:00 AM MDT
End Date: 5/18/2022 10:30 AM MDT

Event Website: https://financialedinc.com/deposit-ops-series-handling-trusts-other-fiduciary-accounts

Organization Name: Independent Bankers of Colorado

Maelynn Lewis
Email: mlewis@ibcbanks.org
Phone: (720) 607-7937

Trusts are a horse of a different color. They have distinct parameters and more risk than regular deposit accounts. Likewise, other fiduciary accounts must be treated differently. This webinar will address those differences, risks, documentation, authorizations, and potential pitfalls. Opening a deposit account for a trust is substantially different – and riskier – than opening an account for an individual. Although many people inappropriately treat trust property as their own individual property, your financial institution must recognize the trust as a separate legal entity from the individual. Otherwise, trust beneficiaries may claim that your financial institution should have known that the trustee was using the deposit account for his/her individual purpose or otherwise in breach of his/her fiduciary duty. This webinar will explain everything you need to know about opening trusts and other fiduciary accounts, including proper account documentation, authorization requirements, and red flags. In addition, you’ll learn how to reduce the risk of loss when dealing with trusts and other fiduciary accounts.

  • Use the proper tools to evaluate and mitigate the risks associated with trust and fiduciary accounts
  • Define the legal concept of fiduciary duty regarding trust, custody, conservator, and other fiduciary accounts
  • Explain the legal requirements to open a trust or other fiduciary account
  • Understand the specific CIP and beneficial ownership information that must be obtained for fiduciary accounts
  • Distinguish between when your institution serves only as a depository versus when it serves as a fiduciary
  • Checklist of items to review and evaluate when opening a deposit account for a trust or other fiduciary
  • 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
This informative session will be beneficial to all deposit operations personnel, trust operations personnel, officers, managers, compliance personnel, internal auditors, and attorneys.
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.
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.

1. Live Webinar Includes
  • Unlimited connections within your institution to the Live Webinar
  • Handout and Take-Away Toolkit
  • Available on desktop, mobile & tablet
  • Presenter’s contact info for follow-up
 2. On-Demand Webinar Includes
  • Recording of the Live Webinar
  • Available two business days following Live date
  • Handout and Take-Away Toolkit
  • Available on desktop, mobile & tablet
  • Free Digital Download, yours to keep
  • Share link with anyone at your institution
  • Presenter’s contact info for follow-up
3. Purchase the BOTH Option to receive all the benefits listed above! Full registration descriptions can be found here.

Online Registration

Registration is Closed
Closed: 5/17/2022 3:00 PM

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