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Written by Sam Pennington on March 23, 2023
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How To Set A Webull Beneficiary Explained In 2024

When it comes to financial planning, it is essential to consider not only the present but also the future.

One aspect of this is ensuring that your assets are distributed according to your wishes in case of your death.

That's where the concept of a beneficiary comes in.

A beneficiary is a person or entity that you designate to receive your assets in case of your death.

New to Webull? Check out my full tutorial below!

Learn More: Robinhood Retirement 3% Match

Robinhood is a popular "all-in-one" investing app.

While they are most well-known for their commission free stock trading, they've recently shaken up the Retirement Investing World too.

Introducing Robinhood Retirement; home of the biggest IRA match on the market.

Robinhood IRA Boost

Here's what you need to know:

  • Robinhood offers 2 types of retirement accounts - the Roth IRA and Traditional IRA
  • All Robinhood investors will get a 1% Match on what they Contribute or Transfer
  • Robinhood Gold members will get a 3% Match - the biggest on the market

And don't worry, this comes with a Portfolio Builder Tool. You don't have to construct your investment portfolio from scratch if you don't want to.

Lastly, you'll even get a free stock worth up to $200 when you open a new Robinhood account using our link.

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Does Webull Offer Beneficiary Designation?

Webull, a US-based broker-dealer, offers the option of naming a beneficiary for its IRA accounts.

An IRA, or individual retirement account, is a type of investment account that allows individuals to save for retirement while receiving tax benefits.

If you have an IRA with Webull, it is essential to name a beneficiary.

If you pass away without naming a beneficiary, the assets in your account will have to go through the probate process, which can be time-consuming and costly for your loved ones.

Naming a beneficiary with Webull is a straightforward process.

You can do it either when applying for your IRA account or after opening it. The process is available on both the Webull mobile app and the website.

If you have named a beneficiary for your Webull IRA account and pass away, the assets in your account will transfer directly to the beneficiary. This means that the assets will not have to go through the probate process, and your loved ones can receive them without unnecessary delays.

In case you need to make changes to your beneficiary designation, you can do so easily on the Webull platform.

Simply log in to your account, navigate to the "Settings" section, and select "Beneficiaries."

From there, you can modify your existing beneficiary or add a new one.

No Beneficiary For Individual Webull Accounts

It is worth noting that naming a beneficiary is only available for Webull IRA accounts.

For individual brokerage accounts, the assets will have to go through the deceased account owner's estate.

Final Thoughts

In conclusion, naming a beneficiary for your Webull IRA account is a simple and essential step in financial planning.

It ensures that your assets are distributed according to your wishes, and your loved ones can receive them without unnecessary delays or expenses.

If you have any questions or need assistance, you can always contact Webull customer service via email or phone.

Don't forget to grab your free stock worth up to $200 from Robinhood today!

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

Read more

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Get 1 Free Stock Worth Up To $200 From Robinhood!

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Investing Simple readers can claim a free stock from Robinhood worth up to $200 when they open a brokerage account and deposit any amount.

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