How to name beneficiaries and fund a trust at Ally Invest

A brokerage or Robo Portfolios account takes a transfer on death designation, made on the TOD Beneficiary Designation Request.¹

TOD designations are not available to residents of all jurisdictions.¹

Ally Invest will not open an account for a person residing outside the United States.^{1, 2}

An IRA beneficiary is named on the IRA Beneficiary Designation Request.²

A trust can be named. The form asks for the trust name, the names of all trustees and the date the trust was established.^{1, 2}

Ally Invest requires the trust document on file when a trust is the named beneficiary.³

The TOD form holds three primary and three contingent beneficiaries. Shares must total 100%, with no fractional percentages and no dollar amounts.¹

The IRA form holds four primary and four contingent beneficiaries. Shares must total 100%, with no fractional percentages and no dollar amounts.²

Neither form has a continuation page or an "attach a schedule" instruction, so a designation with more beneficiaries than slots has to be worked out with Ally Invest first.^{1, 2}

All account holders sign, and on a joint account both owners must sign. The TOD form states it "cannot be processed without account holders' signature".¹

The spouse signs Section V of the TOD form if the spouse or account holder resides in a community property or marital property state and the spouse is not an account holder or the sole primary beneficiary. The form has no notary block.¹

Spousal consent on the IRA form, Section III, is the spouse's signature plus a witness's signature. The form has no notary block.²

For investment accounts. Completed by all account holders. Available to download.¹

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For IRAs. Available to download.²

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A TOD designation may not be revoked or changed by will, codicil, trust document or other testamentary document.¹

Only a new TOD Beneficiary Designation Request supersedes a prior one.¹

No change is effective until Ally Invest actually receives and accepts it.¹

TOD designations are subject to receipt and acceptance by Apex Clearing Corporation, and Apex reserves the right to refuse or terminate a TOD designation at any time.¹

If a primary beneficiary dies before the owner, their share is paid pro rata to the surviving primary beneficiaries.¹

If no primary or contingent beneficiary survives, the assets pass as if the TOD instructions did not exist.¹

By signing the TOD form, the owner, their estate, heirs, spouse and successors, and every named beneficiary agree to indemnify Ally Invest and Apex against claims arising out of the registration and the transfers under it.¹

An IRA cannot be retitled to a trust; a trust can only be named as its beneficiary.³

A custodial account cannot be retitled to a trust; a trust can only be named as its beneficiary.³

For trust accounts. Completed by all trustees. Available to download.³

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Every trustee signs: the application, the Certification of Trust and Investment Powers, and the Trustee Certification all require the signature of all trustees.³

A U.S. Social Security number or tax ID is always required.³