Examkin

Soru

Zorluk: KolayCustomer Account Types and Ownership Structures

Match each customer account type or ownership structure to its defining legal or operational attribute.

  • Tenants in Common (TIC)Deceased owner's interest passes to their estate rather than the surviving owner.
  • Joint Tenants with Rights of Survivorship (JTWROS)Deceased owner's interest automatically passes to the surviving owner(s) without going through probate.
  • Uniform Transfers to Minors Act (UTMA)Irrevocable custodial account established for a minor with one custodian and one minor beneficiary.
  • Corporate AccountRequires a corporate resolution specifying which officers are authorized to trade on behalf of the entity.

Cevap

Tenants in Common (TIC) matches with estate transfer upon death; Joint Tenants with Rights of Survivorship (JTWROS) matches with automatic transfer to surviving owner without probate; Uniform Transfers to Minors Act (UTMA) matches with an irrevocable account for one minor under one custodian; Corporate Account matches with requiring a corporate resolution specifying authorized traders.
Tenants in Common (TIC) directs a deceased owner's assets to their estate. Joint Tenants with Rights of Survivorship (JTWROS) passes assets directly to surviving owners. UTMA accounts are irrevocable custodial accounts for a minor. Corporate accounts require a corporate resolution to designate trading authority.

Adım Adım Çözüm

1
Identify the survivorship rules for joint accounts.
TIC assets pass to the estate, whereas JTWROS assets pass directly to the surviving account owner.
Joint account ownership types determine how fractional interests are transferred upon an account holder's death.
2
Identify the rule governing custodial accounts.
UTMA accounts are irrevocable custodial accounts set up for one minor managed by one custodian.
Gifts made to UTMA custodial accounts cannot be revoked and belong beneficially to the single minor.
3
Identify legal documentation requirements for corporate entity accounts.
Corporate accounts require a formal corporate resolution to verify who has trading authority.
Broker-dealers require proof of corporate authority before executing transactions for a legal entity.

Anahtar Kavram

Customer Account Types and Ownership Structures
Bu soruyu puanla

Konular

Customer Account Types and Ownership Structures