How to name beneficiaries and fund a trust at Ameriprise

Beneficiaries on Ameriprise Bank, FSB deposit accounts can be added or updated only through the secure site.¹

A transfer on death designation is available on non-qualified Brokerage, SPS, Ameriprise ONE and Certificate accounts in Individual or Joint Tenancy ownership.²

POD beneficiaries on an Ameriprise Bank, FSB deposit account must be natural persons.¹

A trust cannot be named as POD beneficiary on an Ameriprise Bank, FSB deposit account.¹

A trust can be named. Only the trust name and creation date go on the form; trustee names are confirmed and the trust document is requested at claim time.¹

A class designation such as "Living, Lawful Children" excludes stepchildren, foster children and children who were never legally adopted. Those children are named individually in the "Other" section instead.¹

Primary and secondary (contingent) beneficiaries are named with percentage allocations.¹

An Ameriprise Bank deposit account takes up to five POD beneficiaries, paid in equal shares on the death of the last surviving owner.¹

A married owner living in a community property state (AZ, CA, ID, LA, NV, NM, TX, WA, WI) who is not naming the spouse by name as 100% sole primary beneficiary needs the spouse's signature in the Consent of Spouse section.¹

Naming a trust as 100% primary beneficiary still requires the spouse's signature in a community property state when the spouse is the trustee. No Medallion Signature Guarantee is required.^{1, 3}

A 403(b) plan subject to ERISA requires the spouse's signature in the Consent of Spouse section.¹

Ameriprise Bank deposit accounts use a dedicated spousal consent form (Form 118403).⁴

For investment accounts. Available to download.²

For IRAs. Available to download.⁵

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Available to download.⁶

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Available to download.⁷

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For annuitys. Available to download.⁸

For annuitys. Available to download.⁹

For payable-on-death accounts. Available to download.⁴

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Beneficiary changes cannot be made by phone, because a beneficiary designation acts as a substitute for a will. The Beneficiary Team answers questions but cannot process a change.¹

The POD spousal consent form revokes every prior POD designation on the listed accounts, so surviving beneficiaries must be re-listed on it.⁴

Beneficiary information shows immediately on the secure site's Beneficiaries page. Complex designations are reviewed before acceptance and take additional time.¹

An adult custodian for a minor beneficiary can be appointed in advance in the "Minor Beneficiaries" UTMA section (Part 3) of the form; otherwise a court decides who the custodian should be.¹¹

Non-qualified Brokerage, Ameriprise ONE, SPS/advisory and Ameriprise Certificate Company accounts can be retitled to a trust.¹⁰

Qualified accounts (IRAs) cannot be retitled on Form F120, except in the limited divorce and inherited-IRA-to-inherited-IRA situations the form names.³

Form F120 cannot be used to change ownership of a third-party annuity or insurance contract linked to the brokerage account. Ownership of those is changed with the issuing carrier directly.³

Available to download.³

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Completed by your financial advisor, through the eForms Authorized Person process. Sent by the institution on request.¹⁰

Ameriprise Bank, FSB deposit accounts cannot be retitled to a trust: the Deposit Account Agreement bars opening or maintaining an account in the name of a trust.¹²

A full ownership transfer inactivates arrangements and features on the original account, including check writing, systematic payouts, bank authorizations and dividend methods.³

Form F120 requires the signatures of every current and new owner or Authorized Person. No Medallion Signature Guarantee is required.³

Beneficiary changes on RiverSource Life annuities and life insurance⁶

Beneficiary changes on RiverSource Life of New York policies, on its own form⁷