Learn more about the account types and services available to our Westcore shareholders.
Individual accounts are regular taxable accounts registered to only one individual.
Joint accounts are regular taxable accounts registered to two or more individuals. There are essentially two types of joint accounts: Joint Tenants with Right of Survivorship (“JTWROS”) and Tenants in Common (“TEN COM”). JTWROS should be used if two persons purchase shares with the desire that the survivor receive total holdings on the death of the other. TEN COM should be used if joint owners want their respective estates to inherit their portion of the account.
Individual Retirement Arrangement (“IRA”) accounts were established to help individuals invest for retirement while offering some tax advantages. IRA accounts enable you to accumulate retirement funds faster than conventional savings plans because the earnings generated in IRAs grow free from federal income tax. Westcore offers both Traditional and Roth IRAs
Coverdell Education Savings Accounts (“CESAs”) were established to help individuals and families save for future education expenses while offering some tax advantages. CESA accounts enable you to accumulate education savings faster than conventional savings plans because earnings generated in CESAs grow free from federal income tax. Learn more about Westcore CESA Accounts.
Uniform Gift to Minors Act and Uniform Transfer to Minors Act accounts (“UGMA” and “UTMA”) allow adults to contribute to a custodial account in a minor’s name without having to establish a trust or name a legal guardian. Only one minor and one custodian may be registered on a single account. The custodian must be 18 years of age or older, and the account application and all subsequent instructions must be signed by the custodian. The minor’s Social Security Number and date of birth must be included on the application. Proceeds of the account may not be transferred to any account held beneficially by any person other than the minor. Once the money has been gifted to the minor in this way, it is the property of the minor, who then receives the funds at the age of majority.
Established trusts may open a Westcore account using the regular new account application. The names of the trustees and the date of the trust agreement are required on the account application. A copy of the trust document indicating who is authorized to act on behalf of the trust is also required.
Corporations, partnerships or other business entities may open an account with Westcore using the regular new account application. Corporations are required to furnish a Corporate Resolution to open an account. Parterships and other business entities are also required to furnish other documentation to open an account. For more information on the documentation required for your specific business entity, please contact us.
