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Estate Planning

Overview: Beneficiaries, Power of Attorney, and Trusted Contacts

Learn more about how to set up beneficiaries, a power of attorney, or trusted contact.

Articles by Betterment Editors

By the Editorial Staff
Betterment Resource Center  |  Published: September 1, 2018


TABLE OF CONTENTS


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.

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 trustee of the trust must be at least 18 years of age.

Will you accept a power of attorney?

If you have a power of attorney arrangement, please email estates@betterment.com to receive further instructions.

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 designate a trusted contact, you authorize Betterment Securities to contact the individual to disclose information about your account to address possible financial exploitation, to confirm the specifics of your contact information, health status, or identity of any legal guardian, executor, trustee or holder of a power of attorney, or as otherwise permitted by FINRA Rule 2165.

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