Handling Powers-of-Attorney & Living Trust Documents for Deposit Accounts & Loans

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Powers-of-attorney and living trust agreements are complex legal documents used to transact business with financial institutions on a daily basis. If not handled properly, your institution can be exposed to significant risk if the attorney-in-fact or trustee intentionally (or innocently) acts outside the scope of their authority. Opening a deposit account or lending to a trust is substantially different from dealing with an individual. Likewise, working with an attorney-in-fact is much different than working with the accountholder.

This webinar will explain everything you need to know about powers-of-attorney and living trusts regarding deposit accounts and loans. It will address opening living trust accounts, including documentation and authorization requirements, and lending to living trusts, including loan documentation and perfection of security interests in trust property. You will also learn the proper use of powers-of-attorney on deposit accounts and loans.

HIGHLIGHTS

  • Various types of powers-of-attorney (durable, springing, limited, military, etc.) and when they can be used
  • Differences between attorney-in-fact, representative payee, and authorized or convenience signer
  • Actions the attorney-in-fact and trustee can and cannot take on behalf of the accountholder
  • Who can sign for the living trust, and must all trustees sign the account and/or loan documents?
  • How to reduce risk of loss from powers-of-attorney and living trusts

TAKE-AWAY TOOLKIT

  • Checklists of items to request when lending to or opening a deposit account for a living trust
  • List of important questions to ask when accepting a power-of-attorney
  • Employee training log
  • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

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

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.

Originally recorded on May 3, 2018.

Recorded webinar link is available until November 30, 2018.

Free Digital Copy included with purchase to download and view beyond link expiration date.

Price includes sales tax.