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Latest Compliance - Living Trusts Topics

Changing Joint Account into a Trust

09/27/2010

Have there been any recent regulatory changes which state that an account (CD, checking, savings etc), held in the names of husband and wife jointly, cannot be retitled and placed into a trust? Do these accounts have to be closed and a new account opened? Are there issues we should be aware of due to the retitling? If so, please specify.

Are living/family trusts eligible for NOW accounts?

06/09/2003

I have a question regarding NOW account eligibility. Can I assume that revocable living trusts and family trusts are for the benefit of individuals? If so, can the trusts have interestbearing accounts without the trustee providing documentation to prove the identity of the beneficiaries?

Most Popular Compliance Content

Basic steps for Reg E claims

04/18/2021

Must we go through the formalities of an investigation and document what we’ve done such as paying provisional credit on claims that were made timely?

Can a Trust Own a LLC?

04/18/2021

Can a Trust own a LLC? We have a LLC acct with it's own EIN in which the owners want to add their trust to. Both owners are co-trustees of the trust. Can we add it to the business account, and if so how would we style the roles and title?

Aggravated ignorance

04/11/2021

Why can't we hold customers liable for carrying their PIN with their card?

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