FICA requirements for a trust

[Speedster]

I am a trustee of a family trust with my children and a local church among the beneficiaries. The trust has a loan account at FNB and I received an email today from FNB asking for copies of my daughter's ID, copy of the church's constitution, proof of address and company certificate. Are beneficiary personal details required for FICA purposes?

 

[powermzii]

I am a trustee of a family trust with my children and a local church among the beneficiaries. The trust has a loan account at FNB and I received an email today from FNB asking for copies of my daughter's ID, copy of the church's constitution, proof of address and company certificate. Are beneficiary personal details required for FICA purposes?

If I recall correctly (last worked on trusts a good 3yrs back) if the beneficiaries are named then yes.

 

[Speedster]

If I recall correctly (last worked on trusts a good 3yrs back) if the beneficiaries are named then yes.

That's crazy - makes no sense. I'm just going to let them freeze the account. Maybe they even stop debiting funds for repayment

 

[powermzii]

That's crazy - makes no sense. I'm just going to let them freeze the account. Maybe they even stop debiting funds for repayment

I'll double check for you later today though. Any reason why you are reluctant to supply them (just asking out of curiosity)

 

[Speedster]

I'll double check for you later today though. Any reason why you are reluctant to supply them (just asking out of curiosity)

Well, my daughter is seven years old and doesn't have an ID - so I'll have to go through the whole process to obtain one.

I don't have a copy of all those documents for our church. I guess they would supply them for me if I asked, just seems overkill for an organisation who has no influence in the trust at all - they simply receive some of the profits as determined by the trustees.

 

[rietrot]

Yes it is.
(I deal with this stuff daily)

 

[rietrot]

Well, my daughter is seven years old and doesn't have an ID - so I'll have to go through the whole process to obtain one.

I don't have a copy of all those documents for our church. I guess they would supply them for me if I asked, just seems overkill for an organisation who has no influence in the trust at all - they simply receive some of the profits as determined by the trustees.

A birth certificate will do. Minors don't have IDs. Fica isn't only about identifying who has controlling influence, but also who benefits.
Some people name places like the SPCA or some random charity as a beneficiary that can be evem worse.

 

[Former member 61586]

Yes it is.
(I deal with this stuff daily)

Do you set up trusts or advise on the set up of trusts?

 

[rietrot]

Do you set up trusts or advise on the set up of trusts?

No I'm on the side of the banks.

 

[Pitbull]

I am a trustee of a family trust with my children and a local church among the beneficiaries. The trust has a loan account at FNB and I received an email today from FNB asking for copies of my daughter's ID, copy of the church's constitution, proof of address and company certificate. Are beneficiary personal details required for FICA purposes?

If I recall correctly (last worked on trusts a good 3yrs back) if the beneficiaries are named then yes.

Correct, each and every named Person.