Beneficiaries

Get your affairs in order with account beneficiaries

Getting started

Can I add a minor as a beneficiary?

We do not recommend you do so. Betterment only supports accounts for individuals the ages of 18 or older. If a minor should be appointed as a beneficiary of an account, Betterment may require court-appointed custodial documentation or an official guardian for the minor beneficiary prior to any funds being transferred. Setting a minor as a beneficiary may cause unforeseen delays. Note that Betterment can support trust accounts where a minor has been designated as the beneficiary. However, the ...

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How do I add a beneficiary?

To add a beneficiary, navigate to “Accounts.” You can Also find this via Settings > Accounts from the navigation menu on the left. Once here, you can enter your primary and contingent beneficiary information for each account.

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How is a joint account different than just having a beneficiary?

Two customers with a joint account have dual ownership of the assets in the account. Each owner can transfer money, create goals, change allocations, and more. Upon the death of one of the joint account owners, the assets are transferred to the surviving account owner. On the other hand, a beneficiary does not have access, control, or ownership over the account while the account owner is alive. Upon the death of both of the joint account holders, the assets are transferred to the beneficiary.

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How is a joint Cash Reserve account different than just having a beneficiary?

Two customers with a joint Cash Reserve account have equal ownership of the assets in the account. Each owner can transfer, deposit, and withdraw money. Upon the death of one of the joint Cash Reserve account owners, the entire interest in the account is transferred to the surviving account owner. On the other hand, a beneficiary does not have access, control, or ownership over the account while the account owner is alive. Upon the death of both of the joint account holders, the assets are ...

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Managing my account

How do I add a beneficiary to my account?

To add a beneficiary, log in on a web browser, select Settings from the menu on the left, and click on the Accounts tab. Enter your primary beneficiary information for Checking. Checking does not currently support additional contingent beneficiaries. Betterment only supports accounts for individuals 18 or older. If a minor should be appointed as a beneficiary of an account, we may require additional documentation. Choosing a minor as a beneficiary may cause unforeseen delays.

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What is a trusted contact?

If we identify actions that appear to be the result of financial exploitation, we’ll reach out to your trusted contact to let them know. You may want to designate a close friend, family member, or other party 18 years or older who we can contact in the unlikely scenario that we suspect you are a victim of financial exploitation. To add a trusted contact, first you must log in on a web browser. Click Settings on the left and then navigate to the Trusted Contact section. If you choose to ...

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