Conservator Accounts
The protected person is called?
Ward
A person comes into the branch to open an estate account for their grandmother who is now deceased. What is the only reason we can open an Estate account for the deceased grandmother?
A minor account is an account established for an individual under the age of ?
18 years old
What are the two deposit sources that are accepted into this account?
Social Security Income (SSI) and Veteran Affairs (VA) Payments
An agreement that permits an individual to transfer ownership of their assets to another entity, is known as...
Whom appoints a conservator to manage the funds of the protected person's property and financial affairs?
Probate Court
(True or False):
A person comes in as Personal Representative to open an Estate account for her deceased grandfather. As you are reviewing the grandfather's account, you notice there is a joint on the account. As Personal Representative, do they have access to withdrawal and close that account?
False
The personal representative has no authority over the account.
However, has the right to access record (such as; check copies, statements, signature related documents)
A Minor Account can have how many beneficiaries
Zerrrooooo :)
Minor accounts cannot designate a beneficiary.
(True or False):
The initial deposit into the account can be cash?
It cannot exceed $25 in checking account to open the account.
The person setting up the Trust is referred to as the ______ of the Trust?
A) Settlor
B) Trustee
C) Fiduciary
B) Trustee
(True or False):
Court documents may show restrictions such as no withdraws without a court order.
True
When opening an account, place the necessary warning/lockout flags on the account within DNA if any restrictions exist.
Which is NOT a prohibited service for Estate Accounts
A) Loans
B) Shared Branching
C) Existing IRA's
D) Power-of-Attorney
Must submit a death claim to Ascensus - under no circumstances should we give IRA funds to a beneficiary except as directed by Ascensus.
(True or False):
A school ID is accepted as a form of identification, except when requesting for a debit card.
False
School ID is not an acceptable form of identification.
(True or False):
Debit Cards are allowed on this type of account.
In a _______ Living Trust Agreement, the settlor can revoke this type of Trust and take back the property.
A) Irrevocable
B) Revocable
B) Revocable
Revocable Trusts automatically become irrevocable upon the death of the settlor(s).
Where can we view the restrictions for a conservatorship account?
A) Hub > Retail Procedures > Conservator Account Procedures
B) Conservatorship Paperwork
C) Merdian Link, during account opening process.
B) Conservatorship Paperwork
A) The John Doe Estate
B) James Doe Personal Rep, John Doe Estate
C) The Estate of John Doe, James Doe Personal Rep
C) The Estate of John Doe, James Doe Personal Rep
A minor can have a Certificate of Deposit on their account?
True
(True or False):
The name of the protected person (TRO) is the Representative Payee. And the name of the designated person to handle the finances is the Power of Attorney.
False:
(TRO) Protected Person is the Beneficiary
Representative Payee handles the finances
In an _______ Living Trust Agreement, the settlor is not allowed to revoke this type of Trust and take back the property.
A) Irrevocable
B) Revocable
A) Irrevocable
Trusts automatically become irrevocable upon the death of the settlor(s).
If the Ward (protected person) passes away, the account should be blocked until the court appoints a...
A) New Conservator over the deceased individuals Credit Union ONE conservatorship account.
B) A Personal Representative over the deceased individual's estate.
B) A Personal Representative over the deceased individual's estate.
Which identification do we need to open an Estate account?
A) Social Security Number (SSN)
B) Employer Identification Number (EIN)
C) Individual Taxpayer Identification Number (ITIN)
B) Employer Identification Number (EIN)
(True or False):
A minor can have an IRA.
True
If they are employed
Checks ordered for this account should be titled as ?
X, Representative Payee for Y
The _____ ______ is the person who succeeds the Trustee in managing the Trust when the Trustee(s) dies or becomes incapacitated. The _____ ______ will be named in the Trust document.
Successor Trustee