How to designate beneficiaries at HealthEquity

A HealthEquity HSA is held as a custodial account in the account holder's own name and cannot be retitled into a trust. A trust is connected to it only by being named as beneficiary.¹

First Interstate Bank says the HSAs HealthEquity administers for it are not eligible for trust titling.²

An individual can be named as beneficiary.¹

A trust can be named as beneficiary, online with Add Beneficiary and on the paper form with the Estate/Trust checkbox.¹

The estate can be named as beneficiary, online with Add Beneficiary and on the paper form with the Estate/Trust checkbox.¹

Primary allocations must total 100% before contingent beneficiaries can be set. Contingent beneficiaries receive the HSA only if all primary beneficiaries die before the account holder; a contingent is not a partial share.¹

The paper form has four primary beneficiary blocks and two contingent beneficiary blocks, and the primary and contingent percents must each total 100%.³

Spousal consent, signed and submitted on a physical form, is required when a married account holder in a community or marital property state names a beneficiary other than, or in addition to, the spouse.³

The Spousal Consent block has the spouse acknowledge receiving "a fair and reasonable disclosure of my spouse's property and financial obligations".³

Completed by the account holder. Available to download.³

Return to

A will does not override the HSA beneficiary designation.¹

Designations are effective upon receipt by HealthEquity.³

Unless otherwise specified, a designation cancels all previous HSA beneficiary designations on file.³

If no beneficiary is named, the surviving spouse, if any, is deemed the beneficiary under the custodial agreement, and the balance can be transferred to a new HSA in the spouse's name.⁴

Where no beneficiary is designated, or the beneficiary's contact information is unknown, and there is no surviving spouse, the account is liquidated and distributed to the estate, successor in interest, or other party with authority.⁴

HealthEquity's Beneficiary Designation Form lists Alaska as an example of a community or marital property state, where spousal consent is required.³

HealthEquity's Beneficiary Designation Form lists Arizona as an example of a community or marital property state, where spousal consent is required.³

HealthEquity's Beneficiary Designation Form lists California as an example of a community or marital property state, where spousal consent is required.³

HealthEquity's Beneficiary Designation Form lists Idaho as an example of a community or marital property state, where spousal consent is required.³

HealthEquity's Beneficiary Designation Form lists Louisiana as an example of a community or marital property state, where spousal consent is required.³

HealthEquity's Beneficiary Designation Form lists Nevada as an example of a community or marital property state, where spousal consent is required.³

HealthEquity's Beneficiary Designation Form lists New Mexico as an example of a community or marital property state, where spousal consent is required.³

HealthEquity's Beneficiary Designation Form lists Texas as an example of a community or marital property state, where spousal consent is required.³

HealthEquity's Beneficiary Designation Form lists Washington as an example of a community or marital property state, where spousal consent is required.³

HealthEquity's Beneficiary Designation Form lists Wisconsin as an example of a community or marital property state, where spousal consent is required.³