Re-titling electronic I Bonds into our trust

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Tony
Posts: 217
Joined: Sat Mar 10, 2007 5:20 pm
Location: California

Re-titling electronic I Bonds into our trust

Post by Tony » Fri Oct 12, 2012 9:26 pm

Today I went over the paperwork for re-titling electronic I Bonds into our trust.
Hard to believe, but the TD website directs people with electronic bonds to "Trust" under "Entity Accounts" and there it states "If a single individual can't legally act alone, then you can't open an entity account." There seems to be no option for trustees who must act jointly.

Anyone know anything about this, by any chance? I'll be calling them again Monday but I thought I'd check with you first.
They are hard to reach - I've never been able to reach them by phone except between 3:30 AM and 6 AM PST!

Thank you, as always for all your help.

Best wishes,
Tony

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Re-titling electronic I Bonds into our trust

Post by sscritic » Fri Oct 12, 2012 9:34 pm

They don't have joint accounts for married couples, and they don't have "joint accounts" for a trust. I think that's how it goes, but I don't have time to look it up right now. It might be covered here:
http://www.treasurydirect.gov/forms/savpart363.pdf

Can't help myself.
the name of a trustee of the trust who is authorized to act alone on behalf of the trust with regard to the account,
It doesn't say there can't be 34 trustees; it says that only one of the 34 can be authorized to act on behalf of the trust "with regard to the account." And that's it.

sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: Re-titling electronic I Bonds into our trust

Post by sscritic » Fri Oct 12, 2012 9:37 pm

Since you must act jointly, act jointly to name one as the person on the account and state that the one person can't act without the consent of both trustees. Or something like that.

Tony
Posts: 217
Joined: Sat Mar 10, 2007 5:20 pm
Location: California

Re: Re-titling electronic I Bonds into our trust

Post by Tony » Fri Oct 12, 2012 10:11 pm

sscritic wrote:Since you must act jointly, act jointly to name one as the person on the account and state that the one person can't act without the consent of both trustees. Or something like that.
The link you sent does have this:
Entity account manager is the indi- vidual who initially opens the TreasuryDirect account for an entity, or his or her replacement; who is au- thorized by the entity to act alone on its behalf to open, access, and conduct transactions with respect to the account; and who certifies that he or she is so authorized.
Do you think that would do it?

And in our trust, we have this power: ...
.To allow a Settlor who acts as Trustee to appoint agents to exercise any management power of the Trustee with any bank....or similar financial insitution so that the agent may be an authorized signatory (either alone or...) and to generally provide any Settlor who acts as Trustee the same rights and powers regarding the appointment of agents as if the financial accounts were held in the personal name of the Settler and not int he Trust name.
Thank you for responding so quickly and helpfully!

Best wishes,
Tony

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