What to do when a Betterment account holder dies
Contact Betterment's Trust Accounts — 7-step process, 7 required documents, and review process: 2-6 weeks; transfer process: 1-3 additional weeks
Customer Support
Betterment LLC, 450 West 33rd Street, FL 11, New York, NY 10001
Estate / Deceased Customer Transfers
Betterment Transfers, PO Box 207691, Dallas, TX 75320-7691 (overnight: Betterment Transfers, 2975 Regent Blvd, Suite 100, Lockbox Services 207691, Irving, TX 75063)
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.
Betterment provides an online portal for initiating death claims, which can simplify the initial notification and document submission process. Claims can also be started by phone or by mailing the required documents.
Death claim process
To file a claim after an account holder's death, here is what Betterment requires:
Filing a claim
- Legible color copy of certified death certificate
- Color copy of government-issued ID (driver's license)
- Estates claim form (provided by Betterment)
- Recent bank statement for the receiving account (preferably in the name of the estate)
- For TOD accounts: beneficiary provides government-issued ID
- For accounts without TOD: executor provides court-appointed designation documents (Letters Testamentary) and estate EIN
Required Documents
- Certified death certificate (legible color copy)
- Government-issued ID for claimant (color copy of driver's license)
- Estates claim form (provided by Betterment after initial contact)
- Court-appointed document showing executor designation / Letters Testamentary (if no TOD)
- Estate EIN / Tax ID (if no TOD)
- Recent bank statement for receiving account
- Trust documents (if trust is beneficiary)
What to know at this institution
Betterment support opens the estate claim process; there is no self-service claims portal, so start by contacting support (email support@betterment.com via the /contact page, or call (718) 400-6898, Monday - Friday, 9:00 AM - 8:00 PM ET). Brokerage assets are held by the custodian, Betterment Securities (MTG LLC dba Betterment Securities, member FINRA/SIPC, with Apex Clearing as clearing partner), which processes the transfer; the published process is document-based (certified death certificate, color copy of ID, the beneficiary or Estates claim form, and for accounts without a beneficiary the court-appointed executor document plus estate EIN and a receiving-account bank statement, submitted by email or to the Betterment Transfers lockbox). Betterment does not publish a Medallion signature guarantee requirement for this process. Beneficiaries must open a Betterment account to receive transferred assets, but there is no obligation to fund it or keep it open after the transfer. For joint accounts, ownership transfers to the surviving account holder. For Checking accounts (Betterment Financial LLC / nbkc bank), funds are disbursed to the designated primary beneficiary or the court-appointed executor if no beneficiary is designated. Additional documentation may be required for minor beneficiaries. Betterment states it cannot advise on estate matters and recommends consulting an estates attorney licensed in your jurisdiction.
Prepare your letter of instruction to Betterment
Betterment asks for a letter of instruction alongside its claim form. We prepare a transmittal cover letter and the enclosure checklist Betterment requires.
Build your letter of instructionProcessing timelines at Betterment: Review process: 2-6 weeks; transfer process: 1-3 additional weeks. Incomplete documentation is the most common cause of delays—submitting all required documents with the initial claim helps avoid additional processing time.
Documentation required by Betterment includes Certified death certificate (legible color copy), Government-issued ID for claimant (color copy of driver's license), and Estates claim form (provided by Betterment after initial contact), along with additional paperwork that varies by account type. All death certificates and court documents must be certified copies.
Frequently asked questions
No. Due to Louisiana state legislation, TOD registrations are not currently available for Louisiana residents on Betterment.
No. Betterment Checking accounts are provided by nbkc bank and cannot be opened as trust accounts. However, you can designate a primary beneficiary on your Checking account (contingent beneficiaries are not supported). Upon death, funds are disbursed to the designated beneficiary or the court-appointed executor if no beneficiary is designated. For joint Checking accounts, ownership transfers to the surviving account holder.
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.
If the deceased held multiple Betterment investment accounts, each may require a separate claim or have different documentation requirements. The Estate / Deceased Customer Transfers can confirm which accounts require individual attention and which can be processed together.
Sources
Data sourced from Betterment primary sources (29 pages reviewed). How we research.
Customer Support
Betterment LLC, 450 West 33rd Street, FL 11, New York, NY 10001
Estate / Deceased Customer Transfers
Betterment Transfers, PO Box 207691, Dallas, TX 75320-7691 (overnight: Betterment Transfers, 2975 Regent Blvd, Suite 100, Lockbox Services 207691, Irving, TX 75063)
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