What is a Bill Pay?

At American Estate & Trust (AET), we offer a convenient Bill Pay service that allows you to make payments for expenses related to your Self-Directed IRA (SDIRA) assets, such as property taxes or other ongoing costs. With Bill Pay, you can securely manage and schedule payments without needing to submit new Directions of Investment (DOI) each time a payment is due.

This service is especially helpful for recurring expenses, allowing you to handle payments on a regular basis without extra paperwork. Once a vendor is added to Bill Pay, you can easily make payments without having to provide additional documentation or wait for DOI approval.

Recurring Expenses

For clients with ongoing expenses related to their SDIRA assets, such as property taxes, Bill Pay is a great way to set up recurring payments. Once your vendor is added, you can make payments automatically without submitting a new request each time. This simplifies managing your SDIRA by eliminating the need to resubmit DOIs for each payment.

Using Bill Pay for Withdrawals or Distributions

When you submit a withdrawal or distribution request, once it's successfully processed, you will automatically be added as a vendor in the Bill Pay system. This means you can request future withdrawals or distributions without needing to submit new DOI requests every time, making the process more streamlined and efficient.

Separate Bill Pays for Different Funding Types

Please note that Bill Pay will create separate entries based on the funding type you choose for each withdrawal or distribution. For example, if you submit a distribution request and choose to receive the funds by check, you will not be able to change that funding type once the request has been processed. If you later decide you want to receive funds via wire transfer instead, you'll need to submit a new distribution request with the new funding type. Once approved, a new vendor will be added to your Bill Pay account to reflect the wire transfer, and you can use that method for future payments.

How Bill Pay Works

Adding a Vendor to Bill Pay

To add a vendor to Bill Pay, you simply need to submit a Bill Pay request with all the details about the vendor, including their name, payment amount, and any necessary documentation. Once the vendor is added, their information cannot be changed. If you need to make updates, you would need to delete the existing entry and submit a new request for approval.

Paying a Vendor

Once a vendor is added to Bill Pay, you can make future payments by selecting the vendor from your list and entering the payment amount. If you need to update any vendor information, you’ll need to delete the existing entry and submit a new request.

Important Notes

• Once a vendor is added to Bill Pay, you cannot change their information. If any updates are needed, you’ll need to delete the existing entry and submit a new request.
• You can add new vendors by clicking the “New Payment” button under the Bill Pay tab.

Bill Pay makes it easier to manage payments for recurring expenses and simplify your withdrawals or distributions from your SDIRA. If you have any questions or need help setting up Bill Pay, our team is here to assist you.