How to name beneficiaries and fund a trust at Hightower
Beneficiaries are managed by phone or by mail. Trust paperwork is taken by phone or by mail
The key to protecting your Hightower investment accounts is making sure each one has a transfer mechanism in place—either a beneficiary designation or trust ownership. Without one, the account goes through probate, adding time, cost, and court involvement for your family.
Each of Hightower's 9 investment accounts has different rules for how it transfers at death. The sections below explain the options for each.
Required Documents
- Each beneficiary's full legal name, date of birth, Social Security number and relationship
- Trust's exact name, date established, trustee name and EIN (for a trust beneficiary; the EIN if it has one)
Required Documents
- Complete trust agreement or Certificate of Trust. The full trust agreement or a Certificate of Trust is accepted, with any trust amendments. A trust abstract or summary may be taken; the custodian may require the full agreement
- Trust Employer Identification Number (EIN)
- Government-issued identification for all trustees
- Trustee contact information
- Statements for assets to be transferred into the trust
- Recent trust distribution history (for Hightower Trust Company services)
- Trust tax returns (for Hightower Trust Company services). Recent trust tax returns plus any estate and gift tax returns
- Estate planning objectives and any draft documents (for Hightower Trust Company services)
- Names, relationships, citizenship and countries of residence of beneficiaries (for Hightower Trust Company services)
- Unique circumstances such as special needs, litigation, or a business liquidity event (for Hightower Trust Company services)
Required Documents
- Each beneficiary's full legal name, date of birth, Social Security number and relationship
- Trust's exact name, date established, trustee name and EIN (for a trust beneficiary; the EIN if it has one)
What Hightower says about beneficiaries and trusts
Each section is Hightower's own statement, with the document it comes from numbered under Sources.
Which accounts take a beneficiary3
- Investment account
An individual taxable advisory account takes the custodian's transfer-on-death (TOD) agreement.1
- IRA
An IRA, Roth IRA or SEP IRA takes the custodian's IRA beneficiary designation form.1
- Joint account with survivorship
On a joint account, confirm whether it is titled with right of survivorship. If it is, the survivor takes it and a TOD designation only controls after both owners die.1
Who can be named1
How many beneficiaries, and how shares are split
- All accounts
Percentage allocations total 100% for the primary beneficiaries and 100% for the contingent beneficiaries.1
What a designation takes to be effective
What Hightower's agreement says about beneficiaries1
- What the owner keeps while living
The account remains in the owner's individual name during the owner's lifetime.2
Which accounts a trust can hold2
- Investment account
An investment account is retitled to the trust through the custodian, which opens a new trust-titled account and transfers the holdings.2
- IRA
A retirement account stays in the owner's own name. An IRA beneficiary designation form naming the trust is used instead of a retitling form.2
Trust account forms Hightower issues2
- Custodian's trust account application
For trust accounts. Completed by the trustee, with the advisor ordering it. Sent by the institution on request.2
- Certificate of Trust form
For trust accounts. Sent by the institution on request.2
What Hightower says about trust accounts4
- Whether a new account is opened
The custodian opens the trust-titled account and moves the holdings in kind.2
- Review of the trust document
Hightower Trust Company reviews the trust before accepting the appointment, to confirm it is able and willing to administer it, and asks drafting attorneys to incorporate its standard trust provisions.3
It publishes three sets of standard provisions: Corporate Trustee Delaware, Corporate Trustee Texas and Directed Trustee Delaware.3
- Successor trustees
Its standard provisions pass the trusteeship automatically to any entity Hightower Trust Company merges into, with no further instrument.3
- Fees
Hightower Trust Company delegates investment management back to Hightower Advisors, so its trustee fee includes the adviser's investment management fee.2
Accounts handled elsewhere1
- Hightower Trust Company, NA
Corporate trustee, co-trustee, agent and successor trustee appointments2
Not in Hightower's published guidance2
- A beneficiary designation form
- Hightower Trust Company telephone number
Sources3
- 1.Hightower practice directory
- 2.Hightower Trust Company getting started
- 3.How to appoint Hightower Trust Company
Sources
Data sourced from Hightower primary sources (15 pages reviewed). How we research.
Download these Hightower instructions
Download instructions for the whole estateA printable PDF with the steps, required documents, and contact details — verified against Hightower primary sources. Bring it to the branch or keep it beside the phone.
Hightower estate support
Hightower Trust Company, NA
Website
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