Overview: Beneficiaries, Power of Attorney, and Trusted Contacts
Learn more about how to set up beneficiaries, a power of attorney, or trusted contact.
TABLE OF CONTENTS
- How do I add a beneficiary?
- Can I add a minor as a beneficiary?
- Will you accept a power of attorney?
- What paperwork is required to set up a power of attorney?
- How should the power of attorney documents be provided to Betterment?
- What is a trusted contact?
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, you will need to register it with Betterment. Please email email@example.com to receive further instructions.
What paperwork is required to set up a power of attorney with Betterment?
In order to register an attorney on an account we require the following:
- Copy of the executed durable power of attorney document.
- Copy of a valid US government issued photo ID for the attorney-in-fact (the agent), which includes date of birth, current address and name.
- The attorney-in-fact’s SSN
How should the power of attorney documents be provided to Betterment?
Please email firstname.lastname@example.org for further instructions on how to provide the documents to Betterment.
Alternatively, you can mail the paperwork to:
c/o Customer Operations
8 W 24th St, Floor 6
New York, NY 10010
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.
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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