Trust Checklist

 

In preparation for your meeting with the branch manager bundle the following items:

  1. Information for banks, trust companies and Credit unions on Opening a chequing account for a formal trust created for a person with a disability 

        Trustees Instructions for opening a chequing account for the formal trust:

  1.   Step one- prior to contacting the financial institution

  • Before contacting a financial institution to open a chequing account for the formal Henson trust, have the lawyer or estate trustee verify that the estate has been settled.

  • If you have engaged a financial advisor deposit the individual’s inheritance into a trust investment contract.

  • You must select a name for the trust. Enter the name of the trust on the investment account application. (e.g. The John Doe Trust, or for multiple beneficiaries The Doe Family Trust) Use this name for the Henson Trust chequing account at the financial institution.

  • Have the advisor or investment firm confirm the deposit and the contract number of the trust investment account.

  • If the will states that funds from a Life insurance policy are to be paid into the trust verify that the policy number in the will and the life insurance policy match.

  • Make sure the names of the trustees for the Henson trust are listed in the last will and testament and/or the Henson Trust agreement

  • If you will be acting on behalf of an estate trustee and/or a Henson trust trustee who is unable or reluctant to act as a trustee you’ll need a notarized letter signed by the trustee renouncing their position as the estate trustee and/or the Henson trust trustee. You’ll will also need a “Power of Attorney”   

  • The name you selected for the trust on the investment account must be the same name you use on the chequing account for the trust e.g. “The William Jones Trust”. For a trust with multiple beneficiaries use “The Jones Family Trust”.

  • A chequing account named “in trust for William Jones” is a bare trust and will jeopardize the beneficiary’s monthly income benefit and other government supports. The government will consider this type of chequing account as liquid assets and income to the beneficiary. In addition a bare trust will taint the terms of a Henson trust.

  • An account named “the estate of the late Jane Doe” has restrictions and not in accordance with a Henson trust. Some families have established an Inter Vivos Henson trust for their child. The process of establishing a chequing account for an Inter Vivos trust is the same.

 

For trustees who do not have a Financial advisor.

Deposit the individual’s total inheritance into the chequing account you established for the formal trust. The financial institution will assign an investment representative to advise you on investment strategies or the trustee will invest and manage the funds.

 

   2.      Step two- booking an appointment with the financial institution

Book an appointment with the general or branch manager of the bank, trust company or credit union. Do not meet with any other staff member such as an investment representative. At this point in time you’ll be dealing with the loss of a loved one and the last thing you need is anguish and heartache from a staff member who does not have the capacity or competency to fully understand the process of opening a chequing account for a formal trust. Insist on meeting with the branch or general manager of the financial institution.

 

    3.      Step Three “Items you’ll need to open a chequing account for a formal trust”

  • A copy of the bulletin “Information for Banks, trust companies and Credit Unions on”  Opening a chequing account for a formal trust created for a person with a disability

  • A notarized copy of the deceased’s last will and testament highlighting the clause in the will that sets out the Henson trust. Have the lawyer who is handling the estate highlight the section that sets out the Henson Trust. The entire clause constitutes the Henson trust.

   

Note:                                                                                                                          

  • Two pieces of identification, one a photo ID, for each trustee. In Ontario an OHIP card is not acceptable identification

  • A Completed “Trust Account Supplemental information record”  

  • If applicable: a “Power of attorney” and a notarized letter from the estate trustee and/or Henson Trust trustee renouncing their position as estate and Henson Trust trustee 

4.   A  completed “Trust Account Supplemental information” form  

2.  If applicable “Powers of Attorney” 

3.  A Notarized copy of the deceased’s "will", with the Testamentary Henson Trust.

6.  Two pieces of identification, preferably one photo ID, for each of the trustee

5.   A copy of the confirmation of deposit of the investment company and contract number

If applicable

  • A notarized copy of a separate Testamentary trust agreement, or;

  • A notarized copy of an Inter Vivos trust agreement.

  • A Letter renouncing trusteeships

CREATED BY DPK DESIGN 2017

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