Account Types
How can you confirm the primary tenant on Client Central?
Account Details > Tax Withholding > Taxpayer/Taxpayer ID
If the decedent held a Roth IRA, what type of account would a non-spouse beneficiary need?
Roth Inherited IRA
Engageware / TimeTrade
Name the 2 types of living trusts.
Revocable or Irrevocable
Name at least 3 pieces of information used to authenticate a prospective client.
Info about the Decedent: Phone Number, Date of Death, Date of Birth, Position in Account, Approx account balance, Mothers Maiden Name, Employment Status, Beneficiary's Date of Birth, Beneficiary's Phone Number
If a conservator is deceased, does the ward have authority to distribute funds?
No, the account would be restricted until the deceased conservator could be replaced.
What is the blue line of succession?
Living spouse, Living children, Estate
Name 2 digital tools used in an inheritor's case.
Inheritance Center, Document Uploader
A __________ is a legal document that dictates how a person's property and assets should be distributed after death.
A Will
What 2 pieces critical information must be stated on all outbound phone calls?
OBC call disclosure (recorded call) & Client authentication
What is the beneficiary chain for a community property account?
50% to the surviving spouse and 50% to the deceased spouse's estate.
What 3 options does a 100% spouse beneficiary have?
Transfer to existing IRA with like registration, Transfer to a new IRA, Transfer to an Inherited IRA
What 3 steps are completed during the CEP stage of case processing?
Restrictions, Documents Required, Reclamations
A Trust
Is a net journal acceptable if an inheritor holds multiple compatible accounts?
No, you first need to clarify which account the inheritance should be distributed to.
What happens if the trust title listed on a submitted application does not match the trust title on the trust agreement?
The client should either correct the title on the application or provide supporting trust documents.
What happens if a designated beneficiary dies after the account holder?
Assets will go to the estate of the post - deceased beneficiary.
What resource would you use to determine if missing information on an application can be accepted verbally or in writing?
COAST
What is the difference between an executor and a trustee? How they are appointed and what they manage.
An executor is named in a will but appointed through probate court and manages all estate assets. A trustee is named in the trust and only manages assets held within the trust.
Name one scenario when GENTRAN is required.
To move assets to closed account, move worthless positions, to move fixed income positions for which CC presents false min lot sizes.
What form is needed to update a custodial account if the custodian is deceased, a successor was named and the minor is over AOT?
Custodial Beneficiary Conversion Application
What documents are needed to open a Minor Inherited IRA?
Inherited IRA App for Ind Benes & Proof of Guardianship (Birth Cert, Letter of Guardianship, Court Order)
What software should be used to redact information?
Adobe Acrobat Pro
In Identify Inheritor, should a trust's existing cust id be used? Why or why not?
No, a prospect id should be created to ensure access to digital solutions.
Who should you reach out to if you are unsure how to handle a client request or interaction?
Reach out to your 9/10, TL or Manager