Can the Representative Payee on an account name themselves as the beneficiary of the account, if the owner of the account wants them to be the beneficiary?
The majority of our IRA customers have their spouse listed as beneficiary. When an IRA holder passed away, we would change the title to the "Spouse as Beneficiary of the deceased IRA" and their SS# if they chose to not treat as their own. We had two IRA holders (in RMD) pass away this year and had multiple children listed as beneficiary. We set up separate accounts for each child as "Beneficiary of the fathers IRA" and transferred the funds to them. This was done "in-house" with transcodes to just transfer
the funds to the separate accounts (no paper work other than the entries). What is the proper way to handle the transferring of accounts like this? Should we have completed new account paperwork for a new IRA account? For CIP purpose?
Does a financial institution have the obligation to screen account beneficiaries for compliance with OFAC regulations?
A customer has an individual checking account with 7 children as PODs (2 of the children are authorized signers on the account). At death of the owner, does the account need to be immediately disbursed to PODs or can the Personal Rep continue to disburse funds from the account?
For an incoming wire where the Beneficiary Name is two people with &and as the separator, but only one of them is on the Beneficiary Account Number, are we required to return the wire because both names are not on the account, or can we credit the wire to the account given since one of the names is on the account?
Could an account have a Successor POD Beneficiary? Is this granted by state law or statutes?
If a person has an account with 3 beneficiaries, if the owner dies do all the beneficiaries need to come in together? Does the account get closed and 3 checks issued or 1 check?
What is the best website to obtain information by state regarding distribution of funds to multiple POD Beneficiaries when one of those beneficiaries have pre-deceased the owner?
Can AIF Also Be A Beneficiary On An Account?
We have someone who would like to open a benefit account for someone with large medical expenses from cancer. How should this account be titled?