How to name beneficiaries and fund a trust at M1

Individual and joint brokerage accounts take beneficiaries online, where the tool sets one shared set of beneficiaries across every eligible account. Account-specific designations take the M1 Beneficiary Form.^{1, 2}

High-Yield Cash and High-Yield Savings accounts are covered by the same online tool and share its one set of beneficiaries.¹

Traditional, Roth and SEP IRAs take beneficiaries online through the shared tool, or on the IRA Beneficiary Form.^{1, 3}

Crypto accounts (offered by Bakkt) cannot carry beneficiary designations.¹

Trust accounts cannot carry beneficiary designations.¹

Custodial accounts cannot carry beneficiary designations.¹

A trust can be named as beneficiary only through the M1 Beneficiary Form or the IRA Beneficiary Form, with the trust's legal name and Tax ID; the online tool does not take a trust.^{2, 3}

When more than one beneficiary is listed, each is assigned a percentage and marked primary or contingent. Percentages must be whole numbers and total 100% (for example 50/50 or 33/33/34).¹

Up to 3 primary and 3 contingent beneficiaries per account when using the M1 Beneficiary Form.²

Completed by the account owner. Completed online.²

For IRAs. Completed by the account owner. Completed online.³

Beneficiary changes are not effective until accepted by M1. M1 notifies the account holder once the update is processed.¹

A new designation automatically voids the previous one for that account.¹

The M1 mobile app does not support beneficiary management; the web platform or a mobile browser is used. The mobile app does support adding a Trusted Contact, which is a different designation.¹

TOD and POD designations are not valid for Louisiana residents on any M1 account.¹

M1 supports U.S. domestic revocable and irrevocable trusts as a distinct account type. Foreign and testamentary trusts are not supported.⁴

The trust must be in good legal standing in the U.S., authorized to invest in stocks, and carry a valid EIN. The minimum initial account value is $5,000.⁴

For an existing individual or joint brokerage account, the documented path into a trust is opening a Trust account and moving the assets; M1 Client Success coordinates it through the in-app Messenger or by email.⁴

Completed by the trustees. Completed online.⁴

Completed by the trustees. Completed online.⁴

An M1 Trust account "is not a way to create a trust": the trust must already exist, and M1 does not create or draft trusts. An active M1 account in the applicant's own name is required before M1 will accept a Trust account application.⁴

The trust must carry a valid EIN; a trust operating under the grantor's SSN is not eligible.⁴

M1 reviews the submission within 7 to 10 business days and may request additional documents by email during review. Once approved, the Trust account appears in the M1 dashboard and can be funded.⁴

Only one external connection, a bank account or an M1 Earn account, may be linked to a trust account.⁴