You must also understand the trustee(s) authority and duties and your institution's responsibility and liability. This webinar will cover standard trust-opening procedures and many "dos and don'ts" that arise as trusts and account holder situations change.What You'll Learn:

• What is the difference between an informal and formal trust?
  
• How is CIP (Customer Identification Program) accomplished on a trust?
  
• How are signature card contracts styled and what disclosures are given?
  Is there a difference in how the account is opened depending on whether a trust is revocable or irrevocable? Whose TIN is used? Does it matter?
  
• Who are the key players in a trust?
  
• What happens if a trustee dies? What documentation is needed and what happens if the trust becomes irrevocable?
  
• Who is the payee when depositing, opening, or closing a trust?
  
• Can there be a power-of-attorney with a trust?
  
• What happens if a trustee's name changes?
  
• What if a financial institution closes? How is the trust insured?
  
• How can a trust be set up with an existing account holder?
  
• Should a trust have joint owners on the account?
  
• Can you have two trusts in one account set-up as joint WROS?
  
• Can trusts be amended, changed, or revoked? What paperwork is involved?