Whose Funds are They Anyway? Dealing with Fiduciary Accounts – ON-DEMAND WEBINARS

Date Recorded: August 18, 2022
Presenter: Natalie Straus, Vice President and Senior Consultant, ProBank Austin

Oftentimes a banker is confronted with opening an account with someone other than the actual customer. We have all heard of the term “fiduciary” but what does it really mean? How do we know if we are dealing with a fiduciary? A fiduciary is responsible for opening the bank account and overseeing the funds, although they usually don’t have any ownership interest in the account. This relationship is com­mon when dealing with any type of trust or escrow account. You have fiduciary-related accounts in the form of Lawyer Trust accounts, Uniform Transfers to Minors Act accounts, and Decedent’s Estate accounts, among many others.

This webinar will walk you through what documents to obtain and how to properly style the account. We also discuss who has ownership and transaction authority in order to ensure that you are dealing with the right person when it comes to access and control over the funds.

HERE IS WHAT YOU WILL LEARN:

• What are the types of situations where a fiduciary will be appointed for an individual?
• How should we style the account?
• What are the CIP and IRS requirements for opening a fiduciary account?
• Who has authority to transact business on the account?
• What type of documentation do we need to obtain when a fiduciary is involved?
• Does the bank have any responsibility to monitor these accounts?

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

• Powers of Attorney
• Grantor Trust- Revocable Living Trusts
• UTMA Accounts
• Court appointed Personal Fiduciary Accounts
• Social Security Representative Payee Accounts
• Estate Accounts
• Valid Trusts