Estate planning options at Step
Estate planning for your Step accounts starts with understanding how each one transfers at death. Beneficiary designations bypass probate, but the right approach depends on the account type, your tax situation, and how much control you want over distributions.
Step offers 5 accounts, each with its own transfer rules. The sections below cover how to set up beneficiaries, fund a trust, and which products support each approach.
Contact Step directly for information about adding or updating beneficiary designations on your accounts.
Why trust accounts are not available
Step does not currently support retitling accounts into a trust. The alternative is to name a trust as the Transfer on Death beneficiary, which provides similar probate-avoidance benefits while keeping the account in the individual's name.
Step Spending Account
The deposit account (the agreement calls it the Secured Deposit Account) that funds and secures the Step Visa Card, a secured credit card. It is an individual account with one owner, held at Evolve Bank & Trust, Member FDIC. A sponsored teen's money sits in a sub-account of the sponsor's Step Account, and the teen uses it as an authorized user; the teen's authority ends automatically when an owner of the Step Account dies. Step lists no monthly, overdraft, minimum or account management fees.
Step Savings
Savings Goals inside the Step account. With Step Black status, Step pays a cash reward on Savings Goal balances equal to 3.00% if calculated as an APY; it is not interest, and it is reported on Form 1099-MISC when it reaches $600 in a year. Step lists no savings minimums and no fees on savings. The balance is part of the Step account held at Evolve Bank & Trust.
Step Black
Earned status at no cost: receiving at least $300 in qualifying direct deposits or making at least $500 in card spend in a month unlocks it through the end of the following month. Benefits include unlimited 1% cashback as points (up to 10% with select partners), the 3.00% savings reward, free cash deposits, no out-of-network ATM fee from Step, and access to EarlyPay. Eligible Step Black users can have deposits insured up to $1,000,000: Evolve Bank & Trust keeps the first $250,000 and places the rest with program banks under the Bank Deposit Custodial Program.
Step Stock Investing
Sources
Data sourced from Step primary sources (12 pages reviewed). How we research.
Step estate support
Step Customer Service
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Estate requests go through general customer service.
Estate planning articles
Learn how to protect your Step accounts and other assets with trusts, beneficiary designations, and estate planning documents.
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Free forms for planning your estate: a will, living trust, pour-over will, both powers of attorney, living will, and TOD deed.
Revocable Living Trust
Create a revocable living trust to avoid probate, protect privacy, and control asset distribution.
Last Will and Testament
Name your heirs, guardians, and final wishes. Free for every state.
Transfer on Death Deed
Transfer real property to a beneficiary upon your death without probate. Available in 34 states and the District of Columbia.
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