Required Documents
Ownership Definitions
Controls the Funds
CIP Requirements
Miscellaneous
100
Documents required prior to opening an Estate account
What is a Death Certificate of the deceased and Domiciliary Letters or Letters of Special Administration
100
a/k/a “like-kind” property exchange
What is a 1031 Exchange Account
100
Guardian or Ward
What is the Guardian
100
The person (s) that we CIP for a Custodial Account
Who are the Custodian & the Minor
100
The TIN that prints on the signature card for a funeral trust
What is the Purchaser's TIN
200
This document is required to open a Guardianship account
What is Guardianship Papers
200
This person is appointed by the SSA (Social Security Administration)
What is a Rep Payee
200
This person can withdraw funds from a Funeral Trust
Who is the Seller (Funeral Home Director) Possibly the purchaser, but only if the agreement states this.
200
The person (s) that we CIP for a Rep Payee Account
Who are the Rep Payee and the Beneficiary
200
If a Personal Rep is unable to serve their appointment, this may be assigned to the Estate
Who is a 'Special Administrator'
300
Name one acceptable document that we must collect before opening a Rep Payee account
What is a letter from SSA evidencing appointment of Rep payee OR a copy of first check or an ACH advise notating the Rep Payee's status
300
Once created the terms of this type of trust cannot be changed.
What is an Irrevocable Living Trust
300
Custodian or 21 yr old
Who is the Custodian
300
You must CIP this person(s) on a Guardianship account
What is the Guardian and the Ward (protected person)
300
The appointment of a Personal Representative is documented in these papers.
What are Domiciliary Letters
400
A W-9 form is required on this type of account
What is a 1031 Exchange Account
400
Occurs when an adult believes that they are unable to properly manage their property/income and voluntarily apply to the circuit court for assistance.
What is a Conservatorship
400
This person can withdraw funds on a 1031 Exchange Account
Who is the Qualified Intermediary
400
On a 1031 Exchange Account it is the TIN used for account titling purposes.
What is the Seller's TIN
400
Two of the five ownership types that cannot name a POA/Agent to the account.
What is Estate, Guardianship, Conservatorship, Rep Payee and 1031 Exchange Account
500
The document required before we open a Living Trust account
What is none
500
Comes into existence on the death of the creator, otherwise known as the settlor.
What is a Testamentary Trust
500
Grantor is John D Smith or Jane A Smith Trustee is Jane A Smith
Who is Jane A Smith
500
You must CIP for an Estate Account
What is the Estate and the Personal Representative(s)
500
Attorney drafted POA papers must state what 3 things
What is the papers must be durable, effective now and have a notary seal.
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