Maybe I'm missing something, but where does this state that a brokerage must offer this? This is an enabling act. All it does is make it POSSIBLE and legal for a brokerage to offer it, but does not REQUIRE it, if I read this correctly.https://www.law.cornell.edu/wex/uniform ... ration_act , it's called TOD , and so far I have not dealt with a broker that refused to add TOD to my brokerage account. But I have never dealt with webull.OK, so I opened a Webull account and am waiting for assets to transfer in from Vanguard. I did some digging and found this statement (typed by me, but direct from their site):It's a legal requirement that brokerages do this, but it's not required they let you do it on the platform (often a form)Does Webull allow a brokerage account to be set up as "Payable Upon Death" ("POD")?
"How do I designate or modify the beneficiary?
Naming a beneficiary is ONLY available for Webull IRAs. When the account owner of a Webull individual brokerage account passes away, the assets will need to go through the deceased account owner’s estate.
You can designate or modify your beneficiary and contingent beneficiaries on either Webull mobile app or our website when applying for your IRA or after IRA opening."
So is it really a legal requirement that brokerages are required to offer a Pay on Death account with a beneficiary?
Statistics: Posted by Leesbro63 — Fri Aug 16, 2024 1:10 pm — Replies 8781 — Views 1630241