Multiple TOD beneficiaries for individual stock

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Joined: Tue Dec 12, 2017 5:38 pm

Multiple TOD beneficiaries for individual stock

Post by luke_airig » Tue Dec 12, 2017 7:11 pm


One of my relatives owns shares in Xcel Energy (XEL) that were purchased
many years ago, originally as Public Service Company of Colorado and through
various mergers and iterations, it is now Xcel. The transfer agent is Wells
Fargo Shareowner Online.

There are currently no beneficiaries designated and he wants to add muliple
transfer on death beneficiaries. However, the Stock Power Form specifies that:

'Only one beneficiary can be designated per account registration'

Can anyone suggest a way to accomplish the designation of multiple beneficiaries
for this stock? Is there any way to have the shares administered by another
transfer agent that would permit multiple TOD beneficiaries? Are there any other
options available?



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Re: Multiple TOD beneficiaries for individual stock

Post by Chip » Wed Dec 13, 2017 6:44 am

Hi, and welcome!

An account at Fidelity would allow multiple TOD beneficiaries. Obviously he would have to open an account there and transfer the stock into it.

I assume other brokers would allow the same, but I'm only currently familiar with Fidelity.

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Re: Multiple TOD beneficiaries for individual stock

Post by fourwheelcycle » Wed Dec 13, 2017 7:28 am

My father has multiple TOD beneficiaries designated for his stock holdings at Vanguard. I am his POA and executor. I set up his TOD designations on the web w/o using a representative and I had no problems.

After the designations were all set up I did talk to Vanguard's Transition Team and they said there should be no problem accomplishing the transfers once I provide a death certificate. Each of my siblings will have to open accounts at Vanguard (some already have accounts), and then Vanguard will offer them the choice of having their equal shares of the stocks transferred to their accounts or requesting that the stocks be sold and the proceeds placed in their settlement accounts. They can leave their inheritance in their accounts or move it elsewhere, with no fees to open, maintain, or close their accounts.

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Location: Florida

Re: Multiple TOD beneficiaries for individual stock

Post by Gill » Wed Dec 13, 2017 7:45 am

You might consider a will.

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Re: Multiple TOD beneficiaries for individual stock

Post by student » Wed Dec 13, 2017 7:55 am

We can transfer to other brokerages or set up a living trust and have the living trust be the beneficiary. However, one should check whether they allow a trust to be a beneficiary.

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