A family member has a revocable Trust in AZ that contains the primary assets (house, car, day-to-day checking). Seems like everyone there has a revocable trust, but few actually properly implement them, sigh.
Almost all other bank/investment assets are held at JPM Chase, mostly in IRAs except for a portion of investments in a taxable account.
Chase let them (before spouse died) open a checking account in the name of the trust years ago.
Recently, for reasons of simplicity and better administration, she tried to open a taxable brokerage at JPM Chase (DIY) in the name of the trust.
The process to open the DIY brokerage account did not allow titling the brokerage account in the name of the Trust when attempted today.
Two questions:
As we created the beneficiary designation, at the end of Section 2 (Beneficiary Information) it asks "Account Ownership Type" with options of "In Trust for", or "Payable on death".
It is not clear what Ally is asking here. She wants the CD to be payable to the Trust upon her death, so I assumed POD is the correct choice, but it seems odd since the question is part of the Beneficiary Information. Anyone know how this works? Here is a screen shot of the form:
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Almost all other bank/investment assets are held at JPM Chase, mostly in IRAs except for a portion of investments in a taxable account.
Chase let them (before spouse died) open a checking account in the name of the trust years ago.
Recently, for reasons of simplicity and better administration, she tried to open a taxable brokerage at JPM Chase (DIY) in the name of the trust.
The process to open the DIY brokerage account did not allow titling the brokerage account in the name of the Trust when attempted today.
Two questions:
- Does anyone know if there is a process that allows for creation of DIY brokerage accounts at JPM titled in the trust?
- If not, is it appropriate to use the existing taxable account in her name and assign the Primary Beneficiary to the the Revocable Trust to ensure a clean migration to the final irrevocable trust (intended to distribute to family heirs)?
- I am pretty sure this is pretty "standard" but I don't normally deal with trusts, so looking for validation.
- JPMC did allow the Trust to be named pretty easily on the online form.
- This account is likely to have much of the liquid assets at the time of the grantors passing (the IRAs have direct beneficiaries, not the trust).
As we created the beneficiary designation, at the end of Section 2 (Beneficiary Information) it asks "Account Ownership Type" with options of "In Trust for", or "Payable on death".
It is not clear what Ally is asking here. She wants the CD to be payable to the Trust upon her death, so I assumed POD is the correct choice, but it seems odd since the question is part of the Beneficiary Information. Anyone know how this works? Here is a screen shot of the form:
Statistics: Posted by retiringwhen — Wed Oct 02, 2024 3:47 pm — Replies 1 — Views 110