Latest Compliance - Beneficiary Topics

Interest Accrual-IRA Beneficiary Elections

12/22/2019

Are we out of compliance when an IRA account holder dies and we go ahead and internally move the IRA funds into Beneficiary IRA accounts for the beneficiaries before they come in to make their Beneficiary Elections? Are we obligated to continue interest accrual on those funds or should the interest accrual stop at the death of the IRA account holder?

Beneficiary on an Estate of Conservatorship Acct.

09/29/2019

A ninety-seven year old widowed customer was brought in by one of his sons to change the register on his account. Our customer's wife had passed and he removed her and added the son as beneficiary to his now sole ownership account. Six months later the same son was granted Conservatorship over his father and changed the register to "Estate of..." Should we leave the beneficiary on an Estate of Conservatorship account?

Can a DBA Account have a POD?

07/28/2019

Can a DBA account have a POD?

Can a POA Add Beneficiaries on an Account?

05/19/2019

Can a POA add beneficiaries on an account?

Business Trust List Beneficiaries?

04/28/2019

Can a business trust list beneficiaries on the trust account? For example, another bank would like to set up a trust account with our bank and list their customers as the beneficiaries.

Acct. Set Up In Trust-Beneficiary Listed?

04/28/2019

Can an account that is set up in a trust have a beneficiary listed on the account?

Beneficiaries on a Safe Deposit Box?

12/23/2018

Can there be beneficiaries on a Safe Deposit Box?

Durable POA: List as POA and Beneficiary?

07/15/2018

If a person selected her Durable POA which currently is included on all accounts as a Beneficiary, would it be okay to accept the POA and allow that person to be listed as POA and Beneficiary?

Wife POA for Husband-Add Herself as Signer & POD?

04/15/2018

I​f​ a wife has POA for her husband can she ​add herself as authorized signer and add herself as the ​pay-on-death beneficiary?

Is Beneficiary on Account Also Beneficiary on CTR?

02/16/2015

Is a beneficiary on an account also the beneficiary on a CTR? For example: checking account is a sole-ownder account in the name of Mary Smith, her son John is listed on the account as beneficiary. Mary makes a $15,000 cash deposit. On the CTR is John also to be listed as beneficiary? I know that all joint owners are, but can't find anything that pertains to this, because if Mary were to pass away the funds become John's (So he could ultimately benefit from the funds).