What to do when a Betterment account holder dies
Report the death to Betterment's Estate / Deceased Customer Transfers at 1-718-400-6898
When an account holder at Betterment passes away, the next step depends on how the investment accounts were set up. Accounts with beneficiary designations or trust ownership transfer outside of probate. Accounts titled solely in the deceased's name require the estate's legal representative to work with Betterment's Estate / Deceased Customer Transfers (1-718-400-6898) to access and distribute the funds.
Death claim process
To file a claim after an account holder's death, here is what Betterment requires:
Filing a claim
- Death certificate
- Legible color copy of the claimant's or executor's driver's license
- The completed beneficiary or Estates Claim form
- For a taxable account with no beneficiary: court-appointed documentation, the executor's SSN, the estate EIN, and a recent bank statement for the receiving account
Required Documents
- Death certificateA legible color copy.
- Your contact information
- Driver's license of the claimant or executorA legible, color copy.
- Completed beneficiary claim form, for a named beneficiary, a surviving joint owner, or a surviving spouse on an IRAProvided by Betterment on request.
- Completed Estates Claim form, for a taxable account with no named beneficiaryProvided by Betterment on request.
- Name and contact information of the executor, for a taxable account with no named beneficiary
- Court-appointed document showing the executor designation (Letters Testamentary), for a taxable account with no named beneficiary
- Small estate affidavit, in place of the court document, where the estate qualifies under the jurisdiction's small estate provision
- Executor's Social Security number, for a taxable account with no named beneficiary
- The estate's EIN, for a taxable account with no named beneficiaryRequired even where a small estate affidavit is used, so withdrawals are reported under the estate rather than the deceased person's Social Security number.
- A recent bank statement for the receiving account, for a taxable account with no named beneficiaryFor the account the executor will transfer funds to, ideally in the name of the estate.
- Trust documents, where a trust is the named beneficiary
Forms Betterment issues2
What happens to each kind of account5
- Investment account
A beneficiary named on a Betterment account claims the assets directly, with the beneficiary claim form.1
- Joint account with survivorship
The surviving (secondary) account holder is the default beneficiary and transfers the assets into an individual account in their own name, without court documentation.1
- IRA
If an IRA names no beneficiary, Betterment treats a surviving spouse as if they had been designated, because a spouse is a default beneficiary. The spouse claims without court documentation.1
- Account in one name
A taxable account with no named beneficiary needs court-issued documentation showing who may disburse the estate: Letters Testamentary for a court-appointed executor or administrator, or a small estate affidavit where the estate qualifies.1
- Payable-on-death account
Betterment Checking pays out to the designated primary beneficiary or, if none is designated, to the court-appointed executor.1
Accounts handled elsewhere3
- Betterment Securities (MTG LLC dba Betterment Securities)
Custody of Betterment brokerage assets, with Apex Clearing Corporation1
- Apex Clearing Corporation
Custody of Betterment brokerage assets with Betterment Securities; the transfer is processed there1
- nbkc bank
Issues Betterment Checking accounts, made available through Betterment Financial LLC1
What Betterment's agreement and guidance say1
- Wills, probate and small estates
Betterment says it cannot advise on estate matters. It refers survivors to an estates attorney licensed in the deceased person's jurisdiction, state bar referral programs and the Clerk of Court.1
Not in Betterment's published guidance1
- Medallion signature guarantee requirement
At least 2 to 6 weeks for review once Betterment confirms it has the documents, then at least 1 to 3 weeks for the transfer.
Betterment's Estate / Deceased Customer Transfers can be reached by phone at 1-718-400-6898 and email at support@betterment.com for questions throughout the claims process.
Sources
Data sourced from Betterment primary sources (31 pages reviewed). How we research.
Betterment death claims support
Estate / Deceased Customer Transfers
Phone
Hours
Mailing address
Website
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