Trusts

This guide will help you set up a trust administered by AET. Once we approve the trust, an account is created for it.

The trust and every party in a reviewable role go through a review process, including Customer Identification Program (CIP) checks. Providing accurate information and supporting documentation for the trust and each party is important. Incomplete or inaccurate records delay approval or place the trust on hold for correction.

Overview

1. Create the trust
2. Upload the trust documents
3. Create the humans and entities that will be parties to the trust, and upload their relevant documents
4. Add each human, entity, or existing trust as a party with their appropriate role
5. Submit the trust for review
6. Track the review
7. Make corrections and resubmit if the trust is placed On Hold For Correction

Step 1: Create the trust

Use the create trust endpoint. The new trust starts in the Draft status. Until it is submitted, you can change any of its fields with the update trust endpoint.

Step 2: Upload trust documents

Upload the trust agreement and any amendments, certifications, or supporting documents with the create trust document endpoint.

Use the list trust documents, download trust document, and delete trust document endpoints to review, fetch, or remove what has been uploaded.

Step 3: Create the parties

Save the ID of each record you create. You will need it to attach the party to the trust in the next step.

Humans

Use the create human endpoint for each individual who will hold a role on the trust. Roles include grantors, trustees, advisors, beneficiaries, etc.

A government-issued photo ID is required for the CIP checks that run on every human in a reviewable role when you submit the trust. Upload it with the create human document endpoint.

Entities

Use the create entity endpoint for each company, LLC, or other organization that will be a party to the trust. For example, a corporate trustee, investment advisor, or beneficiary.

Attach the people who own or control the entity with the add entity principal endpoint. A principal can be an existing human, entity, or trust.

Upload the entity's formation documents with the create entity document endpoint. We require the following documents to review an entity:

• Membership ledger
• W-9
• SS-4 or EIN registration
• Operating agreement
• Articles of incorporation

You may also upload any additional supporting documents.

Step 4: Add parties to the trust

A party is a human, entity, or trust in a specific role on the trust, such as trustee or beneficiary. The same record can be a party to several trusts, or hold different roles on each.

Attach each party with the add trust party endpoint, identifying the record and the role it holds.

Parties in the Grantor, Trustee, Trust Protector, Investment Advisor, Distribution Advisor, and Administrator roles must pass review and CIP checks before your trust can be approved.

To change a party's role, use the update trust party endpoint. Use the list trust parties endpoint to see what is attached, and the remove trust party endpoint to detach a record.

Step 5: Submit the trust

When the trust, its parties, and its documents are in place, call the submit trust endpoint. This does several things at once:

• Opens a review for the trust and moves its status to On Hold For Review
• Opens a review for every party in a reviewable role, every principal of an entity party, and every party of a nested trust
• Starts CIP checks for the trust and each newly reviewed party

While the trust is On Hold For Review, you cannot change its fields or parties or submit it again. You can still upload documents.

Step 6: Track the review

Use the trust status endpoint. It returns the trust's status and latest review, plus every downstream human, entity, and nested trust with its own status and latest review. Each review includes our most recent note.

The trust's status can be:

• Draft - The trust has not been submitted
• On Hold For Review - The trust or one of its parties is under review
• On Hold For Correction - Changes are required for the trust or its parties
• Approved - The trust has been approved and its account has been created
• Rejected - The trust has been rejected
• Canceled - The review was canceled

Step 7: Make corrections and resubmit

If changes are needed to the trust or any of its parties, the trust's status is set to On Hold For Correction.

1. Read the note on the trust and on each affected party in the trust status
2. Make the requested changes and upload any necessary documents
3. Call the submit trust endpoint again