Onboarding Resources
Thank you for choosing Bridgeford Trust Company to serve your trust planning needs. We are pleased to offer you a state-of-the-art online onboarding platform and resources to help you navigate the process.
We greatly appreciate your selection of Bridgeford Trust Company to serve as your corporate trustee and are enthusiastic to begin our work together!
Your Bridgeford Trust Officer will provide you with a secure link from onboarding@bridgefordtrust.com for each trust being onboarded. This link allows you to access and complete your trust’s application at any time.
As you complete your digital onboarding, we encourage you to explore Bridgeford’s Onboarding Resources below, and if you have any questions, feel free to contact our team at onboarding@bridgefordtrust.com or (605) 224-9189.
Onboarding Process
The following information will help you prepare for the onboarding process by outlining what you’ll need. Click on the menus below to explore each section, or [click here] to access a downloadable PDF guide. If you have any questions, email onboarding@bridgefordtrust.com or call (605) 224-9189.
Before starting the onboarding process:
- Gather all required information listed in the Trust Onboarding Preparation section before completing your onboarding. Please consult with your drafting attorney and review the information to ensure completeness and accuracy.
- Determine if your trust is considered foreign or domestic.
- The trust is considered “foreign” where the Grantor is (1) not a citizen of the U.S., and (2) not lawfully admitted for permanent residence (defined in 8 U.S.C. § 1101(a)(20)), regardless of the U.S. taxation status for the trust. Please select the correct option for your trust when prompted at the start of your onboarding.
- If you plan to establish multiple trusts, please inform your Trust Officer, as each trust will require a separate onboarding link.
Using the online platform:
The onboarding process is divided into three categories, or “modules”:
- Forms – Information provided by the client through online data fields.
- Documents – Files requested from the client to upload to the platform.
- Owners & Signers – All individuals and entities associated with the Trust Structure.
- Refer to the Instructions to Add Individuals and Entities section for guidance on completing this module.
If you do not have a requested document to upload or are not the correct individual to be signing a form, leave those items incomplete and let your Trust Officer know. Bridgeford will send a request to the appropriate individual to complete the required information.
Accepting trusteeship:
Bridgeford cannot accept formal Trustee appointment for your trust until all of the following are completed (except in rare extenuating situations):
- Receipt of Signed Professional Service and Fee Agreement (non-waivable)
Completion of Onboarding and KYC materials (non-waivable)
Payment of Onboarding Fee
Payment of First Year Fee
Trust Onboarding Preparation
Before beginning your trust’s online onboarding, please prepare the following required information and documentation. Additional details may be requested as needed. If you have any questions, email onboarding@bridgefordtrust.com or call (605) 224-9189.
Trust
- Trust’s Legal Name
- Name, email, and mobile phone for Primary Trust Contact and Billing Contact (may be the same person)
- U.S. tax status: Foreign or Domestic, and Grantor or Non-Grantor
- For Domestic Non-Grantor trusts: IRS Form 56 (https://www.irs.gov/pub/irs-pdf/f56.pdf)
- Consult your Trust’s tax professional to complete this form.
- Trust’s EIN/TIN (if applicable). If none, who will obtain?
- Purpose of trust, source of funds, and anticipated account activity.
- Foreign trusts require additional source of funds proof (bank statements, stock certificates, etc).
- Trust assets and asset values
- Contact information for the trust’s professional service providers (including attorneys and tax professionals).
- A tax professional (e.g. CPA or attorney) must be designated.
- Organizational/Structure Chart (including assets directly held by the trust)
- Is Bridgeford directed or discretionary for distributions and/or investments?
- If directed, confirm the fiduciary will be appointed on or before the time that Bridgeford accepts trusteeship, with no initial vacancy in the position.
- Is this an asset protection trust? (SDCL 55-16)
- Will the trust directly hold any insurance policies or real estate?
- Are there any “quiet” beneficiaries? (SDCL 55-2-13)
- Signed Professional Service and Fee Agreement, document to be provided by your Bridgeford Trust Officer
Related Entity
- Entity Legal Name and Address
- Entity type (LLC, Corporation, Partnership) and management method (member-managed, manager-managed, etc.)
- Name, Email, and Mobile Number of Primary Entity Contact
- Entity’s EIN/TIN (if applicable)
- Proof of good standing in the registered jurisdiction (drafting attorney confirmation can suffice).
- For entities owned by the Trust: Documentation showing the trust’s ownership percentage (stock ledger, subscription agreement, contribution agreement, etc.).
- Governing and Formation Documents
- For Special Purpose Entities (SDCL 51A-6A-66): SD Secretary of State Certificate of Incorporation/Organization and SD Division of Banking SPE Initial Notice (https://dlr.sd.gov/banking/trusts/forms/special_purpose_entity_notice.pdf)
- In addition, please ensure the completed Initial Notice is emailed to SPEnotices@state.sd.us, along with copies of the SPE’s Articles of Incorporation/Organization and Certificate of Incorporation/Organization received from the South Dakota Secretary of State.
- Contact details and TINs for all beneficial owners of entities.
- Beneficial Owners include: “Owners,” person(s) who directly or indirectly own 25% or more of the entity; and “Controllers,” person(s) who control the entity (ex: manager, director, CEO).
Instructions to Add Individuals and Entities
The Owners and Signers module of the online onboarding platform is used to add parties associated with the Trust. This includes information required by federal law to verify your identity. Click on the menus below to learn more. If you have any questions, email onboarding@bridgefordtrust.com or call (605) 224-9189.
The following parties must be added to the online onboarding platform:
- Grantors
- Beneficiaries who are currently or will be receiving distributions in the next 12 months
- Trust Protector / Committee Members
- Investment Trust Advisor / Committee Members
- Distribution Trust Advisor / Committee Members
- Co-Trustees
- Other Fiduciaries
- Currently formed Related Entities (including entities serving in the roles detailed above, or entities owned by the Trust) (1)
- Related Entities’ individual Beneficial Owners (2)
(1) If an entity will be formed after the trust is created, the entity will complete the same online onboarding process at the time of the entity’s creation.
(2) Entity Beneficial Owners include: “Owners,” person(s) who directly or indirectly own 25% or more of the entity, and “Controllers,” person(s) who control the entity (ex: manager, director, CEO).
Individuals
- Full legal name, email and mobile phone (3), physical address (for foreign nationals include list of countries of citizenship)
- Tax identification information (EIN, SSN, or foreign tax ID) (4)
- Should this person receive online Trust accounting statements? If yes, Annually or Quarterly?
- Unexpired government-issued identification: US Nationals: Photo ID or Passport; Foreign Nationals: Certified copy of first two pages of passport (5)
- Birthdate, marital status, and occupation for Grantors & Beneficiaries
- Death dates for applicable Grantors & Beneficiaries
- US Nationals: Completed W-9 for Grantors & Beneficiaries https://www.irs.gov/pub/irs-pdf/fw9.pdf
- Foreign Nationals: Completed W8-BEN for Grantors & Beneficiaries https://www.irs.gov/pub/irs-pdf/fw8ben.pdf
- Foreign Grantors: Reference letter and copy of utility bill
(3) Email address and mobile phone numbers are required for each individual in the event Bridgeford must reach out to that person directly to have them complete onboarding information or provide documents. In the case of a minor or “silent” beneficiary, provide the email/phone for a designated individual instead of the beneficiary themselves (for example, the beneficiary’s parent/legal guardian or virtual representative).
(4) TIN required for Grantors, Beneficiaries receiving distributions in the next 12 months, and all Entity Beneficial Owners.
(5) Foreign National Passports: The date of issue of the passport must be greater than sixty (60) days from the date of a formal request for trustee services AND there must be more than six (6) months left in the passport prior to its expiration date. The certification stamp must be visible and executed in ink by the certifying person.
Guide to Adding Trust-Related Individuals and Entities
To comply with federal and state regulations, Bridgeford is required to collect due diligence information on the various individuals and entities affiliated with your trust. This [PDF guide] provides step-by-step instructions for setting up these individuals and entities in the Bridgeford onboarding system to ensure the necessary due diligence information is properly collected.
You can also watch the video below for a more detailed walkthrough. Timestamps are provided beneath the video to help you quickly find specific answers. If you have any questions, email onboarding@bridgefordtrust.com or call (605) 224-9189.
Video Guide Timestamps:
(00:00:10) Trust Structure Diagram Levels
(00:00:36) Overview of Bridgeford Onboarding Platform Modules (Forms, Documents, Owners and Signers)
(00:01:12) Adding Trust-Related Individuals
(00:01:20) Form: Instructions for Owners & Signers Section
(00:03:41) Owners and Signers
(00:04:20) Adding New Relationship(s) to the Trust
(00:05:45) Adding Designations
(00:06:55) Adding Related Entities
(00:07:14) Owners and Signers
(00:07:24) Adding New Relationship(s) to the Trust
(00:07:50) Adding Designations
(00:09:20) Adding Entity Beneficial Owners
(00:09:50) Form: Beneficial Owner Information
(00:10:19) Explanation of Controller(s)
(00:10:45) Explanation of Owner(s)
(00:12:05) Owners and Signers
(00:12:30) Adding New Relationship(s) to the Entity
(00:13:18) Adding Designations
(00:15:08) What to do when an individual is an entity beneficial owner for multiple related entities