Account Registration Options

Question 1

Opened in the name of 2 people (or more) who have reached the “Age of Majority”

Each Shares an equal interest in the accounts assets and assumes equal responsibility for the account.

Upon the death of 1 or more account holders, surviving account holder(s) assume full ownership

Answer 1

Joint Tenants with Rights of Survivorship (JT)

Question 2

Opened in the name of 2 or more persons over the “age of majority”

Each holds a divisible interest, not necessarily equal, in the accounts assets, but assumes equal responsibility

Upon death of an account holder, the decedents will governs the distribution of that party’s portion of the account assets

Answer 2

Tenants in Common

Question 3

Opened in the name of 2 legally married people of the “age of majority”

the decedent normally opens an estate account to house the assets

Law entitles the surviving spouse to half the assets

Other half must go through probate and be taxed

Answer 3

Community Property

Question 4

A living or inter vivos, ____ indicates a trust that was created during the lifetime of the grantor

often contains the name of the trustors

Always opened with the ____’s SSN

Answer 4

Living Trust

Question 5

Act as authorized agents of the account holder but, do not have ownership rights

Answer 5

Power of Attorney (POA)

Question 6

In some instances the client wants to give account management authority to another party - not listed as a user on the account - this authority is often referred to as _______

Answer 6

Related Parties

Question 7

What is the initial funding Maximum?

• Also requires the client to attach an original, preprinted, voided check or savings account deposit slip

Answer 7

$100,000

Question 8

POA becomes null and void in what scenarios?

• in most cases

Answer 8

Disability, incapacity, or death or the owner

Question 9

Authorizes limited powers to an authority not listed as a user.

These powers include:

• Access account info
• place trades

Answer 9

LPOA

Question 10

Authorizes an individual to:

• Access account info
• Place trades
• Disburse funds and act on behalf of the account holder(s), in most cases

Answer 10

FPOA

Question 11

Provides the least amount of authority

• Authorizes an advisor/advisory firm to access account info

Has no discretion to make account decisions

Answer 11

Non-Discretionary Financial Advisor

Question 12

grants advisors the greatest level of authority (Power)

• Access account info
• Place trades
• Disburse funds to (withdraw)
  
  • the account holder a the address of record
  • an FI on behalf of the customer when registration is identical

Answer 12

Withdrawal Power Financial Advisor (WPFA)