Additional Account Information
The page below provides details around additional rules that are applicable when onboarding certain account types.
Trust Accounts: Designate Trust Parties
You may designate the primary account owner, other existing members on the custodial platform with their own login credentials, and/or people that are not setup on the custodial platform for each role in the trust.
We are required to obtain information for all people that fulfill any of these roles for the trust but where there are more than 10 authorized signatories, provide the 10 most active or senior individuals.
There must be at least one grantor, authorized signatory, and beneficiary.
Trust parties are defined as follows:
| Party | Definition |
|---|---|
| Grantors | The individuals who provide the initial assets for a trust. Also referred to as a Settlors. |
| Authorized Signatories | The individuals and/or legal entities who have authority to sign agreements or move funds for the trust. |
| Protectors | The individuals and/or legal entities appointed by a grantor who have the power to change the appointed trustees. |
| Trustees | The individuals and/or legal entities have control or powers of administration of property in a trust with a legal obligation to administer it solely for the purposes specified in the trust agreement. |
| Beneficiaries | The parties who benefit or will benefit from the funds settled in the trust. |
Trust Accounts: Additional Business Rules
New trust accounts are restricted until we receive a document from the list below to evidence the legal existence of the trust. Such document should be uploaded to our advisor site using the Secure Upload function, which will automatically remove the restriction from the trust account. The document should be a PDF file that is not larger than 10 MB. You will not be able to trade or perform other actions in this account until we receive one of these documents:
- Trust Deed
- Certificate of Trust
- Declaration of Trust
- First page and signature page(s) of Executed Trust Agreement
Note
The above documentation will be reviewed solely to verify the legal existence of this trust. We are not responsible for management of the trust, and have no role with respect to administration or enforcement of covenants or restrictions on investments and/or transfer of funds for, or disbursement of funds from, the trust.
The following additional rules also apply:
| Condition/Role | Rule |
|---|---|
| Trust party is a minor | Information on the custodian of the minor |
| Trust fulfilling a trust party role | Complete the information for the primary trustee and include the name of the trust. |
| Authorized Signatories or Beneficiaries | Residential address is not required |
| Authorized Signatories, Protectors, or Trustees | Date of birth and social security number are not required |
| Grantors/Settlors | Source of Wealth including supplemental information (e.g. employer info) is required. All other parties, Source of Wealth is not required. |
Joint Account: Additional Business Rules
| Joint Account Type | Description |
|---|---|
| Joint - Rights of Survivorship(J) | Each account owner owns the entire account. If an account owner dies, their share is equally distributed among the remaining account holders. |
| Joint - Tenants in Common(K) | Each account owner owns an equal percentage of the account. If an account owner dies, their share is transferred to his or her estate. |
| Joint - Community Property(L) | Account owners must be married. Each owns half the account. If an account owner dies, their share is transferred to his or her estate. The property does not automatically transfer to the spouse. The following states recognize Community Property joint accounts: Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Puerto Rico, Texas, Washington, Wisconsin |
| Joint - Tenants by Entirety(M) | Account owners must be married. Each owns half the account. If an account owner dies, their share is transferred to their spouse. The following states recognize Tenants by Entirety joint accounts: Alaska, Arkansas, Delaware, Florida, Hawaii, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Mississippi, Missouri, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Vermont, Virginia, Washington, Washington DC and Wyoming. |
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