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SIE	Series 6	Series 63	Series 26	MLO

CHANGE UNIT

Current Unit:

Unit 8 - Basic Economic Concepts	Unit 9 - Financial Reporting	Unit 10 - Analytical Methods
Unit 11 - Types of Investments	Unit 12 - Equities	Unit 13 - Debt Securities
Unit 14 - Investment Companies	Unit 15 - Insurance Products	Unit 16 - Calls, Puts, Derivatives
Unit 17 - Alt Investments & Assets	Unit 18 - Type of Client	Unit 19 - Client Profile
Unit 20 - Portfolio Management Styles, Strategies, Techniques	Unit 21 - Tax Considerations	Unit 22 - Trading Securities
Unit 23 - Performance Measures	Unit 24 - Retirement Plans

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TYPE OF ACCOUNTS - TABLE OF CONTENTS

Joint accounts with right of survivorship
Tenants in common
Tenants in the entirety
- Only for married couples
- Requires consent if both parties for transactions
Individual accounts and joint accounts(other than TIC) may be opened with a TOD designation avoiding probate on first death
Power of attorney - Must be in writing
- Limited - Trading only
- Full - Trading and money
- Durable - Effective upon incompetence
- All terminated upon death of principal on account

ACCOUNT OWNERSHIP CATEGORIES - TABLE OF CONTENTS

Individual Account
- One Beneficial Owner
- Sole Proprietorship
- Only the account holder can control investments within the account or request cash or securities from it.
Joint Accounts - MUST BE ADULTS
- Owned by 2 or more persons, each allowed control over the account
- Suitability required on all of the tenants in the account
- On account form, the account must be designated with one of the following types
- Joint by Entirety and JTWROS both avoid probate
  - Joint accounts with right of survivorship
    - Any 2 people can open this account
    - Deceased tenant's interest in the account passes to surviving tenant, who then become owners of the account
    - Order may be given by either party BUT any money or security out of the account must be in names of BOTH owners, not either.
    - Mail can be sent to either party from another
  - Tenants in common
    - Deceased tenant's interest in the account retained by that tenants estate, passes to the heirs. It is not passed to the other tenants. Distributed according to their will
    - 2 survivors continue as cotenants with the deceased estate
  - Tenants in the entirety or Joint by Entirety
    - Ownership by multiple persons.
    - Undivided interest
    - Can only be created by married persons
    - Consent IS REQUIRED of the other tenant before the other tenant can sell or give away his interest in the property.
      - Or make a trade
    - Form of ownership restricted to spouses, deceased tenant's interest passes to spouse

CHANGE UNIT

Table of Contents