Opening Deposit Accounts for Trusts, Estates, and Beneficiaries – ON-DEMAND WEBINARS

Recorded: December 20, 2021

Presented by: Ms. Natalie Straus, CRCM, VP and Senior Consultant, FORVIS

Our customers rely on us to help them establish accounts that control funds for the benefit of others. We want to establish these accounts correctly to keep our customers happy but we also want to make sure the regulators are happy as well! Let’s tackle some of the basics, and the complexities, that come with establishing trust accounts, estate accounts and navigating beneficiaries.

HERE IS WHAT YOU WILL LEARN:

• What is the difference between a valid trust, a grantor trust and an informal trust?
• When are we permitted to establish an estate account?
• What are our CIP obligations for trusts and estates?
• What taxpayer IDs do we need to use?
• Do we need to verify the identity of beneficiaries?
• What documents do we need to obtain for these accounts?

HERE ARE THE SPECIFIC ACCOUNT TYPES AND TOPICS WE WILL COVER:

• Informal Trusts
• Payable on Death Accounts
• Grantor Trust- Revocable Living Trusts
• Estate Accounts
• Valid Trusts