Trusts
What happens to a Revocable Trust when the Grantor/Trustee passes away?
It becomes Irrevocable.
Name the types of IRA's we offer
Traditional, Roth, and Coverdell.
To access a deceased person's account, this proof of the depositor's death is often required by financial institutions.
What is a death certificate?
Can an executor receive copies of statements and signature cards?
Yes, the executor steps into the shoes of the deceased member.
Can a trust have a SDB?
Yes, but all Trustees needs to be on the contract and cannot add additional signers.
Name the timeframe a member must deposit a rollover.
60 days
This term refers to funds in an account that transfer directly to a beneficary upon the account holder's death, bypassing probate.
What is a POD (Payable on Death)?
Can you open an estate account with a muniment of title?
No, you cannot. There is no administrator is appointed.
This legal document that verifies the existence of a trust and summarizes its key terms.
What is a certification of trust?
These are the two requirements to determine how a distribution from a Roth are to be coded.
Age (Are they 591/2 or older)
5 Year Time Clock
Member's daughter comes to your branch and has a death certificate for her dad's account. He only has a savings account. She is listed as beneficiary on Symitar. Can you pay out to her based on this information?
No, the signature card needs to be verified.
Executor passes away. Who now is responsible for the estate?
A new executor needs to be appointed through the probate court.
Member has a personal account they are wanting converted to a trust account. It is a checking and two savings accounts. There is a joint on the second savings account. This joint is not listed as a trustee on the certification of trust. What would be needed to happen in order to convert the account?
The joint would have to withdraw their name from the account.
These documents can state the IRA Owner's Beneficiaries
IRA Application or Beneficiary Change Form
Beneficiary comes to close out deceased family member's account. There is a loan on the account with no coborrower. How do you handle the loan?
Available funds in the account go towards paying off the loan and email collections.
What types of checks can be deposited into an Estate account?
Any checks written out to the descendent or made out to the Estate.
Member comes in with trust documents wanting to establish a separate membership for the trust from their personal. The trust is under their social. Is this possible?
No. One membership per social.
State the age that a Traditional IRA owner is required to take an RMD.
73
Name the department that pays out deceased IRA funds.
Centralized Support.
Who qualifies to open an estate account at Wellby?
Descendent had an account with us or the executor has an existing account with us.