Asking for a Friend - How do I add a beneficiary to a bank account?

February 5, 2024

Question:

How do I add a beneficiary to a bank account?

Answer:

1) If you have a revocable trust already in place (or add one in the future), title your bank account in the name of your trust; by nature, your assets will flow to the beneficiary of the trust.

2) Add a Totten trust arrangement at your financial institution. When you go into your bank or credit union, tell them you'd like to add beneficiaries to your accounts through a Totten trust arrangement. They will have the forms you need for that.

3) If you are doing your banking through a brokerage type account, you can add a transfer on death (TOD) or payable on death (POD) arrangement.

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