Release Date: May 3, 2021
duration: 100 minutes
While dealing with accounts of a decedent is not the most pleasant of credit union employee tasks, having a solid foundation of knowledge on which to interact with interested parties to the account can definitely ease the burden. Let’s face it, the average family member/person probably doesn’t know how this process works unless they have gone through it before, which is why it is critical for you to know the proper/legal way these accounts need to be handled to avoid problems down the road. In this webinar we tackle the following questions, and more:
- Who takes precedence, the Pay on Death beneficiary or the estate?
- What happens when a fiduciary such as a trustee or custodian dies?
- When are funds payable under an Affidavit of Small Estate?
- Whose responsibility is it when it comes to deceased business account owners?
- How may estate accounts legally be established at the credit union?
- Why must we hold, reject or return certain ACH payments?
- At what point can we no longer honor checks written by the deceased? What about checks payable to the deceased?
Covered topics: Proof of Death, ACH and other recurring transactions, Multiple Party Accounts, Estates, Trust and fiduciary accounts, Transactions,
Reclamations, Dividend reporting, Share Insurance, Unclaimed Property
MEET THE PRESENTER
Mary-Lou Heighes started her financial institution-related career in 1989, working in the areas of lending, marketing, collections, and a LOT of “other duties as assigned” in many areas of operations. After 5 years she transitioned to a compliance role at a state trade association providing answers on the compliance hotline, writing articles on changing regulations and providing assistance to state and federal governmental affairs departments regarding proposed laws and regulations affecting financial institution operations.
In 2000 she founded Compliance Plus, Inc. to provide more direct assistance to financial institutions struggling with day-to-day compliance challenges. In this capacity she uses her 25 years’ compliance knowledge to provide phone and e-mail support to retainer clients, in-house consulting and training, and website and marketing compliance reviews. She also speaks around the country on compliance issues for various state trade associations, at industry conferences, and of course webinars.