Although I have read through most of the information on the site referring to funeral trust accounts, there is always another question that comes up. We have a branch that wants to have the funeral home sign a letter authorizing all the CDs in place of having to sign a signature card for each one. Would any problems be created if we adopted this practice? In addition, any other suggestions regarding a good procedure for opening funeral trust accounts would be appreciated.
When a customer has a individual or joint account and brings in their new trust documents is it ok to supersede the account title or is a new account recommended?
Is it mandatory to have "POD" on a Certificate of Deposit or any account on which a beneficiary has been named. In addition,if a "POD" is listed on a "CD" is the bank required to have the named beneficiary sign loan documents if the owner of the CD pledges the account?
Can you have a Power of Attorney associated with a Revocable Living Trust or on any Trust?
We have a bit of disagreement going on when it comes to Trust accounts. When the accounts are placed on the computer system should the SS# be the Trustee's name if they are the grantor and if they are not should we require a tax ID # for the trust?
A government entity has 5 savings passbook accounts with my institution. Each account has a separate name (e.g., ABC Project I, ABC Project II, ABC Project III, etc.) The government entity is named as the trustee for each of the accounts. And each account has the same tax identification number. My question is this: Are each of these accounts insurable by FDIC for $100,000.00?
Does the existence of a non-qualifying beneficiary negate the deposit insurance coverage of the interests of other qualifiying beneficiaries in a "living trust?" For example, a portion of the funds are to go to a charity, with the balance to the grantors children. Let's say the revocable trust agreement calls for $20,000 to go to a charity with $100,000 to each of two children. Will the portion of the funds for the two children be insured under the revocable trust rules, even though the $20,000 is to a non-qualified beneficiary?
We are currently reviewing our business deposit account opening procedures. Does anyone have a good checklist to use to review articles of incorporation and bylaws and other similar material?
Could you please provide information regarding IOLTA and IRETA accounts. When to open, why they are opened, how to properly open, reporting to the state, what tin to use? I have little information on these account types and want to make sure we are opening and handling these accounts properly.
It isn't a regulation yet, but the message is clear.