How to name beneficiaries and fund a trust at Firstrade

IRA beneficiaries are added or updated online, in the Beneficiaries tab under Accounts > Profile, or on the separate IRA Beneficiary Designation Form.^{1, 2}

A new IRA Beneficiary Designation Form deletes and replaces every previous designation on file.³

A transfer on death designation on a brokerage account is made on the paper Transfer on Death Form, not online.^{3, 1}

Transfer on death designations are not available to residents in all jurisdictions.³

An international account cannot file a beneficiary form or add beneficiaries.³

A trust can be named as a beneficiary on the Transfer on Death Form, with the name of the trust, the names of all trustees and the date the trust was established.⁴

The Transfer on Death Form names up to six primary and six contingent beneficiaries, with shares totaling 100 percent. Fractional percentages and dollar amounts are not accepted.⁴

The IRA Beneficiary Designation Form holds five primary and five contingent beneficiaries. Online, primary and contingent beneficiaries are added with shares totaling 100 percent.^{2, 1}

A spouse's signature is required on the Transfer on Death Form where the spouse or the account holder lives in a community property or marital property state and the spouse is not an account holder or the sole primary beneficiary.⁴

The IRA Beneficiary Designation Form carries its own spousal consent section with a witness signature line.²

For investment accounts. Completed by the account holder. Available to download.⁴

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For IRAs. Available to download.²

Transfer on death accounts are subject to receipt and acceptance by Apex Clearing Corporation, and no designation takes effect until the form is received and accepted.³

Apex reserves the right to refuse, accept or renew the TOD Beneficiary Designation Form and may terminate it at any time.³

A beneficiary designation cannot be revoked or changed by will, codicil, trust document or other testamentary document. A new form is required.³

If no primary or contingent beneficiary survives the account holder, the brokerage account passes as if the transfer on death instructions did not exist.³

Firstrade does not accept business or entity accounts other than trusts, so corporate, partnership and LLC assets cannot be held here.³

For trust accounts. Completed by the trustees. Available to download.⁵

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The Certificate of Trust & Investment Powers states that any one trustee may act individually on the account, and that notice sent to one trustee is notice to all trustees.⁵

The certification supersedes any prior certification.⁵

A trust account is opened under a separate login. After it is open, it can be linked to an existing login with the Account Linking Request Form from the Form Center.³

Carries Firstrade trust accounts and accepts transfer on death designations³