How to close a beneficiary’s account
Before making final disbursements from an invested Standalone Account or a Pooled Sub-Account, we first recommend closing the account to cash (i.e. liquidating the account). If an account is currently invested, the balance may fluctuate based on market movement between when closing is initiated, and when the cash closing is complete. Please wait until the account has settled in cash to complete any final disbursements.
Closing an account may be done by taking the following steps to ensure there are no delays as our team processes your request:
- Canceling any future dated one-time and recurring disbursements.
- Closing any active True Link Visa® Prepaid Card accounts that are linked to the trust account.
- This should be done at least 2-4 business days prior to the trust account being closed to ensure funds are deposited back in either the beneficiary account or sub-account (if they are included in a pooled sub-account).
Once the above steps have been completed, please navigate to the Profile tab of the beneficiary’s account, and click the red button that says “Close Account” at the bottom of the page. You’ll be asked to confirm why you are closing the account and an option to include notes for your records.
As a final step, click the green button that says “Confirm Closing Account”, and the closing process will begin.
Closing Invested Standalone Accounts
After the above steps are completed, True Link will place trades to liquidate the account. Trades generally settle within 2-3 business days. Once trades are settled, you will be able to begin making the final disbursements as needed.
Closing Invested Pooled Sub-Accounts
For beneficiaries included in a sub-account as a part of a pool, when the account is closed it will be moved to the cash portfolio. The account will be moved to cash generally 2-4 business days after the account closure is requested. After the account is moved to cash you will be able to begin making the final disbursements as needed.