Fiduciary accounts often times seem confusing, stressful and leave credit union staff with more questions than answers. Assisting members with fiduciary relationships can have both legal and practical implications for your credit union. It is important for credit union staff to fully understand how these fiduciary relationships impact account set-up, forms, transaction processing and more.
Who should attend
This webinar is beneficial for operations staff, compliance staff, frontline staff and branch staff.
Topics
Overview of Uniform Laws Governing Fiduciary Relationships
Credit union staff may encounter many types of fiduciary relationships in the course of dealing with members. Attorney Gretchen Jones will provide an overview of Uniform Laws that govern these types of relationships, as well as a more in-depth look at the Uniform Probate Code and its implications for credit unions. In addition to the Probate Code, we will discuss:
- Transfers to minors
- Powers of attorney
- Protective arrangements
- Trusts
- Multiple party accounts
Understanding Fiduciaries Commonly Seen in the Credit Union
Please join us for this session as attorney Gretchen Jones explains how several types of fiduciary relationships, sometimes used by our members, are to be handled by credit union staff. It is critical that staff understand both the practical and legal implications of these fiduciary relationships so they know who they can speak with about the accounts, who they can transact for and how to properly set-up the accounts to establish the fiduciary relationship in the first place. The following forms of fiduciary relationships often create confusion and result in commonly asked questions by staff as they work with these types of fiduciaries, including:
- Minors’ accounts
- Powers of attorney
- Guardians/conservators
- Social Security representative payees
- Agency/convenience accounts
Working with Trusts and Trust Accounts
Members that have trusts and utilize trust accounts can often create confusion for credit union staff wondering who they can transact for, who owns the funds and who can request changes. These types of trust fiduciary relationships affect account set-up, forms, transaction processing and more. Attend this session as attorney Gretchen Jones explains how these trust relationships should be handled by staff, as well as the legal and practical implications for your credit union. We will discuss:
Working with Estates and Managing Deceased Member’s Accounts
During those difficult times for our deceased members’ families, we can provide compassion, sympathy and, of course, proper handling of the decedent’s accounts at the credit union to help in their time of need. To ensure you can expedite the process and follow legal parameters established by wills and estates, join attorney Gretchen Jones as she explains how to properly handle deceased members’ accounts and know who you are to provide information for, transact for and how to update the credit unions records to record the death of a member. Here’s what we’ll be covering:
- Deceased members
- Estates
- Other legal considerations working with deceased members’ accounts
Recorded eSchool length: 4 hours
This eSchool is available to CUNA Training Bundle users at no additional cost.