Handling Trusts & Other Fiduciary Accounts 

Tuesday, July 30, 2024
11:00 am – 12:30 pm Eastern

Do you understand trust accounts and the risks they present? Do you know what a trustee can and cannot do? Since a trust is a separate legal entity, are there special rules about opening, documentation, authorization, etc.? Join this lively webinar to learn the ins and outs of dealing with trusts.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

• Use the proper tools to evaluate the risks associated with trust and fiduciary accounts and take action to mitigate those risks
• Define the legal concept of fiduciary duty regarding trust, custody, conservator, and other fiduciary accounts 
• Explain the legal requirements to open an account for a trust or other fiduciary
• Understand the specific CIP and beneficial ownership information that must be obtained for fiduciary accounts
• Distinguish when your institution serves only as a depository versus when it serves as a fiduciary

WEBINAR DETAILS 

Handling a trust account is substantially different – and riskier – than handling an individual account. 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 individual purposes or otherwise in breach of their fiduciary duty. This webinar will explain everything you need to know about opening trusts and other fiduciary accounts, including proper account documentation, authorization requirements, red flags, and how to reduce the risk of loss. 

WHO SHOULD ATTEND? 

This informative session will benefit all deposit operations personnel, trust operations staff, officers, managers, compliance professionals, internal auditors, and attorneys.

TAKE-AWAY TOOLKIT

• Checklist of items to review and evaluate when opening a deposit account for a trust or other fiduciary account
• 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

SPEAKER

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. She is a member of the Missouri State Banking Board by appointment of the Governor.

Attendance verification for CE credits provided upon request.

Webinar Sponsored by Financial Education & Development

If you are having issues with registering online, please contact CBAO's Education, Training & Special Events Coordinator, Malia Widder, (614) 610-1877.