The Top 5 New Account Paperwork Dilemmas
Filling out a packet of forms to open a new self-directed retirement account can seem daunting, but its actually pretty straightforward if you know what is being asked of you.
IRA & 401(k) Insights
Below are the top 5 missing pieces of information Entrust comes across in our application packets, and an explanation as to what they are and why they are so important to include in your paperwork:
- Where do you work? (Occupational Information)
We need to know what you do for a living to determine your source of income and meet the requirements of the USA Patriot Act. In addition, if you are a retiree, we need to know what jobs you held before your retirement. - Are you married? (Marital Status)
Knowing whether you’re single or married helps determine how to complete the beneficiary designation, and if a spousal consent is required. - Where do you live? (County of Residence)
We must confirm your residence to meet the compliance requirement for the USA Patriot Act. - Remember to sign everything.
As simple as a signature and date can be to write, it’s also easy to over look. Your signature and date is one of the most important parts of a new account packet and is required for us to validate your new account request. Your signature is a binding contract between you (the client) and Entrust.
- Current ID.
To verify your identity, we need a current form of identification, such as a driver’s license, state, or military ID that includes a picture. This step is also a requirement of the USA Patriot Act.
Forgetting any of these important pieces of information may delay the establishment of your new account. The more you know about these requirements, the quicker you can start self-directing your retirement funds in your IRA. As always, if you have any questions about your application paperwork or opening a self-directed IRA with Entrust, contact us!
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