Opening Trust Accounts

In recent years credit unions have been flooded with requests for informal and  formal trust accounts and requests to transfer title of checking and savings accounts into living trusts, family trusts, children's trusts and many types of outside formal trust arrangements.  In the past, formal trusts were considered accounts handled by Trust Departments with the bank as the trustee.  This practice still exists but many Americans have begun opening trusts in which they themselves are the trustees. These accounts are opened at branches of financial institutions and the member is his or herself the trustee.  This seminar will take a look at the credit unions' responsibility in setting up these accounts and the potential consequences "down the line" as the first line of trustees pass away.  We will also look briefly at informal trust accounts set up on the signature card.

WHAT YOU WILL LEARN:

• Trusts as members
• Formal trusts versus informal trusts
• Why are members choosing these trusts arrangements?
• Who are the "players" in the trust?
• What kind of styling do we use with these types of accounts?
• How do we transfer title to the trust?
• How is the signature card filled out?
• What documents do we keep?
• What happens when the first trustee dies?
• When is a trust revocable and irrevocable and what does that mean to the financial institution?
• How trusts are insured under NCUSIF rules
• Amending trusts, revoking trusts and ending trusts
• Informal trusts such as PODs, ITF, and ATF on signature cards
• And much, much more

WHO SHOULD ATTEND?

This informative session is directed to all frontline bankers who open accounts including branch managers, customer service representatives, personal bankers, new account representatives, training personnel, marketing and supervisors of these areas.