Trusteed IRA Timeline

IRA-Owner-wants-to-move-forward-using-SmartIRA™

IRA Owner wants to move forward using SmartIRA™

  • IRA owner signs new custodian beneficiary form; Primary and Contingent Beneficiaries are named; Example would be Jane Smith SmartIRA™ Trust dtd 6/5/15 using her DOB and SSN.
  • IRA owner signs SmartIRA™ documents – Distribution, Investment Advisor Appointment and Adoption Agreement forms; this creates a trust that is revocable at any time; after IRA owner passes, trust becomes irrevocable.
  • Advisor forwards SmartIRA™ documents signed by the client to Wealth Advisors Trust Company for execution; afterward originals are kept by Wealth Advisors Trust Company and copies are sent to client and advisor.
  • At IRA owners passing the trusts will become custodian neutral Trusteed IRAs or our trademark.
During Owner's LIfetime

IRA Owner wants to move forward using SmartIRA™

  • IRA owner signs new custodian beneficiary form; Primary and Contingent Beneficiaries are named; Example would be Jane Smith SmartIRA™ Trust dtd 6/5/15 using her DOB and SSN.
  • IRA owner signs SmartIRA™ documents – Distribution, Investment Advisor Appointment and Adoption Agreement forms; this creates a trust that is revocable at any time; after IRA owner passes, trust becomes irrevocable.
  • Advisor forwards SmartIRA™ documents signed by the client to Wealth Advisors Trust Company for execution; afterward originals are kept by Wealth Advisors Trust Company and copies are sent to client and advisor.
  • At IRA owners passing the trusts will become custodian neutral Trusteed IRAs or our trademark.
After IRA owner Passes away

After IRA owner Passes away

  • Executor/family member/Advisor/custodian contacts Wealth Advisors Trust Company, notifying of IRA owner passing away; SmartIRA™ trust now becomes irrevocable; Wealth Advisors Trust Company is now trustee of the SmartIRA™ trust.
  • This becomes a custodian neutral Trusteed IRA.
  • Wealth Advisors Trust Company instructs custodian to divide IRA into each named Primary Beneficiary; title of account would be Jane Smith SmartIRA™ Trust etc.
  • Trust assets remain with current custodian unless Advisor wants to move trust assets to another custodian; any move requires Wealth Advisors Trust Company to sign new custodian documentation.
  • Trust controls IRA assets subject to elections made by IRA owner during their lifetime prior to his/her passing; such elections are naming of Advisor, choosing beneficiaries and distributions outside of RMD’s.

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