09/05/2011
On a rep payee account, can the actual owner of the funds be given a copy of the account history?
08/15/2011
We have an IRA customer that has passed away. The named beneficiary was his son. The personal representative provided a copy of his will that revokes any designation that may have been established and that all accounts be payable to the estate. Does this revocation in the will override the beneficiary designation?
08/15/2011
When a customer dies and has no other signers on the account, we have been bad addressing the accounts and holding statements. If the customer has POD's on the accounts without any signers, how do we know that if statements go out to the deceased address that the financial information is not going into unauthorized hands? Should we bad address the deceased accounts even if they have PODs on the account and restrict their statements?
08/01/2011
Can a check payable to David Jones (Trustee for Emily Jones trust dtd 9/1/91) be deposited into a personal checking account for David Jones?
07/25/2011
Can an IRA be put into a trust name?
07/04/2011
My IRA customer passed away several years after his required RMD year. His spouse is the sole beneficiary and will treat the IRA as her own. Does she have to take the RMD now or can she wait until December to take it? If she takes it now, is it reported as a death distribution under her SS and then the balance reported as hers?
06/06/2011
We have a CD ($5,500) customer recently deceased that named her 5 year old great-granddaughter as beneficiary. Can I make the check to the child's mom fbo the child? Will a birth certificate of the child along with a letter from the mom stating she is the guardian be enough documentation?
05/30/2011
An account holder establishes four POD beneficiaries. The account holder dies, and two weeks later, one of the POD beneficiaries dies. Do we cut four checks with one of them being made out to the beneficiary's estate? Or do we cut three checks equally among the three that are still living?
04/18/2011
If we are unable to change the way an account is titled, how should we handle an account for a minor when he or she reaches majority?
03/21/2011
Can POD accounts be paid out immediately after death of the owner, or is there a waiting period?