Compliance Question of the Week

Can a business account have a designated beneficiary?

It is generally not a good idea to allow a beneficiary on a business account since businesses technically do not die. What happens to funds in a business account after the death of an individual should be addressed elsewhere in business documents and/or in a will.

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance.