Specialty Accounts Jeopardy

Conservatorships for Minors

100

Who is the only one able to access the funds on an account with a conservatorship?

The Conservator

SC: What is a Conservator?

200

What is a Conservatorship?

A conservatorship is a legal relationship in which someone is appointed by the court to handle the finances of another person.
SC: What is a Conservator?

300

What is the name of the document the Conservatorship receives from the court?

Letters of Authority
SC: What is a Conservator?

400

How old is Laura's step daughter going to be?

10

500

How are we notified when something changes on a Conservatorship?

By mail or attorney.

VA Fiduciary

100

What is a VA Fiduciary account?

A VA Fiduciary is someone appointed by the Veteran's Administration (VA) to have the financial responsibility for another person's veteran's payments.

200

Who can conduct transactions on a VA Fiduciary Account?

Only VA deposits are allowed into the account and only the VA Fiduciary can transact or get any information on this account.

300

What are the roles for a VA Fiduciary account?

Only the Ward and Fiduciary are allowed on the accounts. No Joint owners or beneficiaries.

SC: Can there be a joint owner or beneficiary on a VA fiduciary account?

400

What is the best way to submit a request for a specialty account?

Service request in SC

500

What steps are taken if the fiduciary passes away?

• The account must be frozen until we hear from the new Fiduciary.
• We will require paperwork from the VA showing the new Fiduciary.
• Then a new application (Fiduciary App/Change form) will need to be completed and the new Fiduciary can access the account(s). 

 SC: Death Claims on a VA Fiduciary Account

Guardianship

100

What is a Guardianship?

A form of legal relationship in which an appointed guardian may be given authority to handle finances.

SC: What is a Conservator?

200

Who reviews the documentation to determine if the guardian and/or anyone else should have access to the assets of the ward?

IRA/Specialty account team

SC: What is a Conservator?

300

What is the name of Laura's dog?

Marshall

400

1.What must a Letter of Guardianship have listed on it?

Answer: Time date and court initials.

500

What are the documents required to open a Guardianship account?

• Fiduciary Application/Change Form - Conservator, Guardianship, Rep Payee, and VA Fiduciary
• Fiduciary Account Checklist - Conservator, Guardianship, Rep Payee, and VA Fiduciary 
• Overdraft Solutions
  •     Required for each new checking account.

Other Required Documents

• Letters of Guardianship – must have time, date, and court initials

SC: New Guardianship Account Requirements

UTMA

100

In regards to an UTMA account, can the custodian have access to a debit/atm card?

No, the custodian can not have access to a debit/atm card.

200

What documentation is required to open an UTMA account?

• UTMA Application/Change Form
• Estate/POA/UTMA Checklist
• Valid Government Issued Photo ID for the Custodian
• Additional proof of current address if different than the ID.

SC: Documentation Required for an UTMA Account

300

What is a custodian?

The custodian must be a member of the Credit Union. Only the custodian is entitled to make deposits, withdrawals, or close the account. 

SC: Documentation Required for an UTMA Account

400

Who gets the TRO for an UTMA account?

"Minor"

500

If the custodian wants to close the UTMA account, how do I make the check out?

If funds are being withdrawn for deposit at another financial institution, suggest a cashier’s check made payable to:

• (Name of Custodian) as custodian for (Name of Minor), a minor, under the Michigan Uniform Transfer to Minors Act (UTMA).

The custodian may also take cash or a check payable to whomever they wish.