Estate Planning
Cost, time, details exposed to public, may restrict access to assets
Who determines if a decedent's accounts are eligible to pursue Small Estate Processing?
The notifier, family/relative/friends of the decedent, the estate attorney, or any other authorized party working on behalf of the decedent's estate.
What account type only has 1 person with an ownership role
Individual
The decedent held an Individual account.
The notifier has advised us that the attorney has filed for probate.
What documents do we need for estate settlement?
Death certificate, Letters of Testamentary, a Schwab Estate Account Application, and authorization to move the assets
Name the systems used to search for beneficiary verification documents.
ACS, Ondemand, Signature Comparison Tool
Name 3 ways assets can avoid probate.
Assets held in a trust, assets in an account with rights of survivorship (WROS), designating beneficiaries, small estate affidavit for qualifying assets.
_______ is a process conducted - under the provisions of state law - to supervise, inventory, manage and distribute assets at the time of death.
Probate
Which of the following is true regarding a Joint Tenant with Rights of Survivorship account:
1. Tax reporting is under the primary account holder's SSN.
2. There may be 2 or more tenants.
3. Account holders do not have to be married.
All of the above
True or False: You are required to get all signatures of account holders before opening a Joint Tenant Account.
True
What information must be listed in a beneficiary verification note?
Account type, Account #, Indexing Id, Beneficiary names and percentages, Notes if applicable
Name 3 functions of a Last Will & Testament.
specify asset distribution, designate an executor, name a guardian for minor children, direct the payment of debts & taxes
Why do we require Letters of Testamentary instead of a copy of the Last Will and Testament for release of probated assets?
Letters of Testamentary provide proof that the court has validated the authority of the person named as executor
Who is the default beneficiary on an Individual Brokerage account.
The decedent's estate
Name 3 things that occur when all tenants on a Joint Tenant account have passed away.
Account is fully restricted, assets go to the estate of the last surviving tenant, power of attorney(s) are removed, bill pay is cancelled.
What folders would you search to locate beneficiary documents for a TDA conversion account?
TDA Inbound, TDA BOS, TDA Trust
____________ is the legal designation of property and assets to assign ownership as part of the Estate Planning process and takes precedence over probate proceedings.
Asset Titling
If the Letters of Testamentary we have is 367 days old, what options do we have to verify it is still valid?
The decedent's sole Schwab account is an Individual account valued at $12,000.
The family tells us they don't think probate is needed.
Which resource gives us guidance on whether the state statues allow for an alternative to probate might be an option?
Which of the following actions requires agreement or signature of all tenants on a Joint Tenant account to be completed:
1. Trading
2. Account Conversion
3. Add Power of Attorney
4. Withdrawal of funds
5. Change the account address
6. Close the account
2. Account Conversion
3. Add Power of Attorney
What must you check for when completing beneficiary verification for an acquisition account (TDA/USAA)?
Did the account holder pass away before or after conversion, were the beneficiaries changed after conversion, if the account holder passed away prior to conversion was there a prior estates case at the old firm.
A collection of documents in combination with a strategy for the distribution of your assets after your passing is referred to as a(n) ____________.
Estate Plan
What is the current Small Estate Limit for Texas?
$75,000
On a Joint Tenant account, if the primary account holder is deceased, what is the standard estate settlement process?
Transfer assets to another account for the surviving tenant.
True or False: A surviving tenant can direct assets on a Joint Tenant with rights of survivorship regardless of whether they were AK1 or AK2.
What is the beneficiary chain if a primary beneficiary post-deceases and had per stirpes selected on the beneficiary form?
Assets go to the post deceased beneficiary's estate.