U.S. Domestic Individual and Joint Accounts
Customers with a U.S. domestic individual or joint account can add or update TOD (Transfer on Death) beneficiaries on the Firstrade mobile app or the Firstrade website. TOD beneficiaries receive the assets in the account upon the death of the account holder, or upon the death of the last surviving account holder of a joint account.
Eligible accounts: U.S. domestic individual accounts and joint tenants with rights of survivorship (JTWROS) accounts are eligible. The Beneficiary option does not appear for accounts that are not eligible.
Joint accounts: Only the primary account holder can add or update TOD beneficiaries online.
Beneficiary limit: Each account can have up to 6 beneficiaries in total between primary and contingent beneficiaries.
Primary beneficiaries: At least one primary beneficiary is required. Primary beneficiaries receive the account assets upon the account holder's death.
Contingent beneficiaries: Contingent beneficiaries are optional. They receive the assets only if no primary beneficiary survives the account holder.
Required information: Each beneficiary requires a relationship, first and last name, date of birth, Social Security number (SSN), and U.S. address.
Mobile App
Tap Account in the bottom right corner.
Tap Account Profile.
Under Designations, tap Beneficiary.
Tap Add beneficiaries. To change beneficiaries already on file, tap Manage.
Enter the information for the primary beneficiary. To add more primary beneficiaries, tap Add another Beneficiary.
To add a contingent beneficiary, tap Add Contingent Beneficiary under Contingent Beneficiaries (Optional).
Tap Next.
On the Allocation & Agreement screen, enter a percentage for each beneficiary. Primary allocations must total 100%, and contingent allocations must total 100%.
Review the Spousal Consent Notice and the Account Holder Authorization, then check the box to agree to the TOD Beneficiary Designation Agreement.
Tap Submit.
Website
Log in to the Firstrade account on the website.
Go to Accounts > Profile.
Click the Beneficiary tab.
Click Add beneficiaries.
Enter the information for the primary beneficiary. To add more primary beneficiaries, click Add another beneficiary under Primary Beneficiaries.
To add a contingent beneficiary, click Add another beneficiary under Contingent Beneficiaries (Optional).
Click Next.
On the Allocation & Agreement page, enter a percentage for each beneficiary. Primary allocations must total 100%, and contingent allocations must total 100%.
Review the Spousal Consent Notice and the Account Holder Authorization, then check the box to agree to the TOD Beneficiary Designation Agreement.
Click Next to submit the designation.
After Submitting
After submission, a confirmation message appears. The Beneficiary option then shows a "Processing" status, and customers cannot make changes until processing is complete. The TOD designation takes effect only after it is accepted. When processing is complete, the updated beneficiaries appear on the Beneficiary page.
If Firstrade cannot process the designation, a message appears on the Beneficiary page and the beneficiaries on file stay the same. Customers can submit the designation again or contact Firstrade Customer Service.
Note: Beneficiaries added with a paper form do not appear on the Beneficiary page. To check beneficiaries on file from a paper form, contact Firstrade Customer Service by phone. Customers can also add TOD beneficiaries with the Transfer On Death form and return it via Secure Document Upload.
IRA Accounts
Customers can add or update IRA beneficiaries on the mobile app or the website. Each IRA can have up to 10 beneficiaries in total, including primary and contingent beneficiaries.
Mobile App
Tap Account in the bottom-right corner.
Tap Account Profile.
Under Designations, tap Beneficiary.
Tap Add Beneficiaries. To change beneficiaries already on file, tap Manage.
Enter the information for the primary beneficiary. To add more primary beneficiaries, tap Add another Beneficiary.
To add a contingent beneficiary, tap Add Contingent Beneficiary under Contingent Beneficiaries (Optional).
Tap Next.
On the Allocation & Agreement screen, enter a percentage for each beneficiary. Primary allocations must total 100%, and contingent allocations must total 100%.
Review the Spousal Consent Notice and the Account Holder Authorization, then check the box to agree to the IRA Beneficiary Designation Agreement.
Tap Submit.
Website
Log in to the Firstrade account on the website.
Go to Accounts > Profile.
Click the Beneficiary tab.
Beneficiaries set up with a paper form do not appear on the Beneficiary page. To check beneficiaries on file, call Firstrade Customer Service.
Note: International accounts cannot add beneficiaries or file a beneficiary form.