How to name beneficiaries and fund a trust at LPL Financial

Account View supports beneficiary updates for individual non-retirement accounts, including accounts of residents of community property states; other registrations are updated on paper through the financial professional.¹

Form F75 covers both individual and joint registrations. It cannot be used to add TOD instructions to a Direct Business account or a retirement account.²

Account View supports beneficiary updates for IRAs, including accounts of residents of community property states.¹

IRA and other retirement accounts use the IRA beneficiary designation paperwork for that account type, not Form F75.²

Account View supports beneficiary updates for 403(b) accounts, including accounts of residents of community property states.¹

TOD instructions are not allowed on a Tenants in Common registration.²

TOD instructions are not allowed on a Community Property registration.²

On a Guardian account the assets pass to the minor's estate. The minor can designate beneficiaries after reaching the age of majority for their state.²

Charter Oak Federal Credit Union states that each LPL investment account held through Charter Oak Retirement and Investment Services can name a trust as beneficiary on its own designation form.³

Primary and contingent beneficiaries are listed with percentages totaling 100 percent; in Account View the scale icon next to Allocation splits evenly. Pro Rata applies by default, and Per Stirpes must be selected to change the allocation method.^{1, 2}

All account holders sign and date Form F75, and every account holder physically signs a mailed form.²

Only the account holder can submit an Account View beneficiary update; the financial professional cannot submit one on a client's behalf.¹

For investment accounts. Completed by every account holder, who signs and dates it. Available to download.²

Return to

For IRAs. Sent by the institution on request.²

LPL states that an Account View change is effective immediately and that no paper form is required.¹

The financial professional can view existing designations in Account View and receives a ClientWorks notification when a change is submitted.¹

Form F75 marks whether it establishes new TOD instructions, replaces existing beneficiaries, or voids TOD instructions without replacement. The form supersedes every previous TOD agreement on file for that account.²

Pro Rata is LPL's default rule: a primary beneficiary who dies first has their interest terminate and the remaining primary shares increase equally. Per Stirpes must be selected, and then the estate identifies the deceased beneficiary's heirs.²

If no primary or contingent beneficiary survives, the spouse is deemed beneficiary; with no surviving spouse the estate is deemed beneficiary.²

Dissolution of a marriage has no effect on a spouse's beneficiary designation until LPL receives a new TOD agreement.²

Where a designated beneficiary is a minor at the time of death, the share is transferred to a custodial, fiduciary or guardianship account on receipt of appropriate documentation.²

Louisiana residents complete and initial Section 3 of Form F75. It states that a TOD designation only permits the beneficiary to register the security and does not transfer ownership unless the will also names that person as owner, and that TOD is unavailable on co-owner or community property registrations.²

The Louisiana Supplemental Disclosure also states that a conflicting designation has no effect on forced heirship rights. A Louisiana TOD instruction is in writing and physically signed by all account holders, and a multiple-holder registration must include "joint tenants with the right of survivorship" or "JTWROS".²

Charter Oak Federal Credit Union states that LPL investment accounts held through Charter Oak Retirement and Investment Services cannot be retitled to a trust.³

Completed by the financial professional, with the trustees signing the certification of trust. Sent by the institution on request.⁴

Available to download.⁵

The account is opened in the trust's name. Assets held in an existing individual or joint LPL account are journaled into the new trust account by the financial professional; assets held elsewhere come in on Form F2-CTD with a statement dated within 90 days attached.^{6, 5}

The trust is entered under the "Primary Account Holder/Trustee/Minor/Decedent/529 Owner" registration section of the account application, and the first-listed trustee becomes the primary owner for prospectus delivery.⁶

Where more than one trustee must authorize transactions, LPL delivers one prospectus per product to every trustee listed on the account; otherwise prospectuses go only to the first-listed trustee.⁷

The account holder certifies that the titling of the account is allowed under pertinent state law, and "LPL has no obligation to verify the legality of any registration under the probate, estate, or transfer laws of the state where this account is being opened or to determine which state laws are applicable".⁷

Professional trustee, co-trustee, agent for trustee, estate representative, and estate guardian or conservator⁸

Custodial and recordkeeping services for IRAs and employer-sponsored plans under the Off-Platform Advice program⁹