Education & Events

Living, Grantor & Family Trust Accounts: Common Problems in Account Opening & Lending

Date: 
Jun 25, 2019
Program Overview: 

June 25, 2019, 3:00 - 4:30 pm

Do you know that a trust is a separate legal entity from the grantor and trustee?  Many individuals treat trust property like their own property – which is not correct.  The trust is a separate legal entity, even if it uses the grantor’s Social Security number.  Opening a deposit account for, or lending to, a trust is completely different from providing those services to an individual.  A loan may not be valid against the trust, and your institution could be held liable for the funds in the account if a mistake is made.  

This webinar will explain the proper documentation and information that must be obtained before opening accounts for trusts, including determining who is authorized to transact business.  It will also clarify the necessary loan documents you must obtain and everything else that must be understood before lending to trusts, including determining whether the trust has the power to borrow money and/or pledge trust assets. 


 

Topics: 
  • Differences between living trusts, grantor trusts, family trusts, revocable trusts, testamentary trusts, and business trusts
  • Who are the parties in a trust and what actions are they authorized to take?
  • Should you require the entire trust agreement or only a certification of trust?
  • If the trust agreement authorizes the trust to borrow money, can the trust guarantee a beneficiary’s loan?
  • If there are multiple trustees, must all trustees sign, or can only one trustee sign on behalf of the trust?
  • When can an individual’s Social Security number be used for the trust?

 

  • TAKE-AWAY TOOLKIT
    • Checklist for opening a deposit account for a trust
    • Checklist for lending to a trust
    • Employee training log
    • NEW – Interactive quiz



      Speaker: 

      ABOUT THE PRESENTER – 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.

      Agenda: 

      WHO SHOULD ATTEND 

      This informative session will be useful to both deposit and loan operations, including new accounts personnel, loan documentation staff, loan officers, tellers, attorneys, compliance personnel, auditors, and managers.

      Fees: 

      MEMBER

      Live Webinar
          $255.00 Single Location
          $155.00 Each Additional Location

      Recorded Webinar & Free Digital Download
          $255.00

      Premiere Package (Live & Recorded Webinar with Free Digital Download)
          $375.00

      Association Contact: 

      If you have any questions or need additional information, please contact Marcy Borden at 317-387-9380 or mborden@indianabankers.org

      Cancellation Policy: 

      Within three or more business days prior to the day of an educational program, no cancellation charge will be assessed. If your bank is unable to participate after registering, you can select to purchase the on-demand presentation.

      Webinar Options: 

      1.  Live Webinar
      The LIVE WEBINAR option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered.  You may have as many people as you like listen from your office speaker phone. Registrants receive a toll-free number & pass code that will allow entrance to the seminar. Seminar materials, including instructions, pin number, and handouts will be emailed to you prior to the broadcast.  You will need the most current version of Adobe Reader available free at www.adobe.com.

      2.  Recorded Webinar & Free Digital Download
      Can’t attend the live webinar?  The recorded webinar & Free Digital web link is a recording of the live event, including audio, visuals, & handouts. We even provide the presenter’s email address so you may ask follow-up questions.  Approximately one week prior to the webinar, you will receive an email with the web link.  This web link can be viewed anytime 24/7, beginning 6 business days after the webinar and will expire 6 months after the live program date.  

      LIMITED AVAILABILITY:  The Recorded Webinar & Free Digital Download web link may ONLY be ordered for 6 months following the webinar.

      3.  Both Live Webinar & Recorded Webinar & Free Digital Download
      Includes options 1 and 2 above

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