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  Improve Your Financial Knowledge - Part 16

  1-May-2023

  49. Individual Accounts

  Owned by a singular person, who has authorization for transactions and responsibility for the tax liabilities within the account.

   

  50. Joint Accounts

  Owned by two or more persons * Income earned in the account is taxable to the joint owners

  Authorization of transactions by: Either of owners * Combination of owners * All owners

  Survivorship: Joint Tenancy with Right of Survivorship * Tenancy in Common

   

  51. What is Trust?

  A legal relationship, whereby one party (the trustee) holds property for the benefit of another party (the beneficiary).

  The person who contributes the property to the trust is known as the settlor.

   

  52. Trust Accounts

  Formal trust accounts are established in a Trust Deed, which includes settlor, trustee, beneficiaries, and assets. Trust Deed includes:

  1. Administration the assets

  2. Length of trust

  3. When and how to distribute to beneficiaries

   

  53. Trustee

  Individual(s) or a corporation, who holds the power and authority for the trust.

  Board of trustees

  When the trust has more than one trustee.

  Beneficiaries

  Persons who hold the beneficial interest in the trust property.

   

  54. In-Trust Accounts

  Informal trusts with no trust deed, which are set up at a financial services provider (e.g. mutual fund dealer or investment fund manager) to invest funds on behalf of another person.

  In-trust accounts are frequently used by parents on behalf of minor children.

   

  You can book your consultation at 

  Https://ABCFinancialAdvisor.com/Book-a-Meeting

  Or call us at 647-830-8080

   

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