How to Add a Beneficiary to Your Chase Bank Account

How to name a beneficiary on your Chase account

You can name a beneficiary on most Chase bank accounts by logging into your online account, calling Chase customer service, or visiting a branch in person. A beneficiary is a person you choose to receive the money in your account if you die. Chase lets you name one or more beneficiaries, and you can change or remove them at any time while you're alive.

The process differs slightly depending on whether you have a checking account, savings account, or money market account — all three allow beneficiaries. Investment accounts and credit cards do not use this same process.

Adding a beneficiary does not require the other person's permission, and they do not need to know you have named them. The beneficiary designation overrides what your will says, so if you have a will that names someone else, the beneficiary you name on the account itself will receive the money.

Key Takeaways

• You can add a beneficiary online through Chase's website, by phone at the number on the back of your debit card, or by visiting a Chase branch with your ID.
• Chase allows you to name multiple beneficiaries and decide what percentage of the account each person receives.
• The beneficiary designation takes effect when ready and overrides instructions in your will.
• You can change or remove a beneficiary at any time without notifying the person you originally named.
• Accounts with a beneficiary named pass to that person outside of probate, which can speed up the process after death.

Adding a beneficiary online through Chase.com

Log into your Chase account at chase.com and select the account you want to add a beneficiary to. Look for a menu option labeled "Account Settings," "Manage Account," or "Account Details" — the exact wording varies by account type. Once you open that section, you should see an option for "Beneficiary" or "Beneficiary Designation."

Click that option and enter the beneficiary's full name, date of birth, and Social Security number or tax ID. Chase will ask you to confirm the person's mailing address. You can then decide what percentage of the account that person receives — for example, 50% to one person and 50% to another, or 100% to a single beneficiary.

After you submit the information, Chase will send you a confirmation email. Keep that email for your records. The beneficiary designation becomes active when ready, even though the beneficiary does not receive the money until after you die and the account is closed.

Adding a beneficiary by phone or at a branch

Call the customer service number on the back of your debit card or Chase statement and tell the representative you want to add a beneficiary to your account. Have your account number and the beneficiary's full name, date of birth, and Social Security number ready. The representative will walk you through the process and confirm the information before saving it.

You can also visit a Chase branch in person with your ID and ask to speak with an account representative about adding a beneficiary. Bring the beneficiary's full name, date of birth, and Social Security number with you. The representative will fill out the form while you are there and give you a copy for your records.

What information Chase needs about your beneficiary

Chase requires the beneficiary's full legal name exactly as it appears on their government ID. You will also need their date of birth and either their Social Security number or tax identification number. If the beneficiary is a minor, you can still name them, but the money will go into a court-supervised account called a conservatorship until they reach the age of majority in your state.

If you want to name an organization, trust, or estate as a beneficiary instead of a person, call Chase to discuss your options. Some account types allow this, but the process is different and may require additional paperwork.

Naming multiple beneficiaries and splitting the account

You can name more than one beneficiary on a single Chase account. When you add each person, you specify what percentage of the account they receive. For example, you could name your spouse as 60% beneficiary and your two adult children as 20% each.

The percentages must add up to 100%. If you name three people and want them to split equally, you would assign each one 33.33%. Chase will calculate the actual dollar amounts based on what is in the account at the time of your death.

If you do not specify percentages, Chase's default is usually to split the account equally among all named beneficiaries. You can change the percentages at any time by logging back into your account or calling customer service.

Changing or removing a beneficiary

You can update your beneficiary information whenever you want. Log into your Chase account, go to the beneficiary section for that account, and select "Edit" or "Change Beneficiary." You can modify the person's information, change the percentage they receive, add a new beneficiary, or remove someone entirely.

If you remove a beneficiary, that person no longer has any claim to the account. You do not need to notify them that you have removed them. If you want to replace one beneficiary with another, you can delete the old one and add the new one in the same session.

Keep a record of when you made changes. If you have a will or other estate documents, you may want to update those as well to match your beneficiary designations on your bank accounts.

How beneficiary designations work after death

When you die, the person or people you named as beneficiaries can claim the money in your account by contacting Chase and providing a death certificate. Chase will verify their identity and transfer the funds to them. This process happens outside of probate, which means it does not go through the court system and can be faster than distributing money through your will.

If you did not name a beneficiary, the account becomes part of your estate and goes through probate. Your executor or the court will decide who receives the money based on your will or state law. This process typically takes several months.

If you name a beneficiary but that person dies before you do, the money goes to the remaining beneficiaries in the percentages you specified. If all your beneficiaries die before you, the account becomes part of your estate.

Frequently Asked Questions

Can I name my minor child as a beneficiary?

Yes, you can name a minor as a beneficiary. However, the money cannot go directly to them because minors cannot legally control bank accounts. Instead, Chase will hold the funds in a conservatorship account supervised by the court until the child reaches the age of majority in your state, usually 18 or 21. You can name a guardian in your will to manage the money on the child's behalf.

What happens if I name someone as a beneficiary and then get divorced?

Chase will not automatically remove your ex-spouse as a beneficiary after a divorce. You must change the beneficiary yourself. Many people forget to do this, so review your beneficiary designations after any major life change. Some states have laws that automatically remove a spouse from beneficiary designations after divorce, but you should not rely on this — update it yourself to be certain.

Does naming a beneficiary affect my taxes?

Naming a beneficiary does not create a tax event for you while you are alive. After you die, the beneficiary may owe federal estate tax if your total estate exceeds the federal threshold, which changes yearly. State inheritance taxes vary. The beneficiary should speak with a tax professional about their specific situation, but in most cases, money inherited from a bank account is not subject to income tax.

Can I name a trust as a beneficiary instead of a person?

Yes, you can name a trust as a beneficiary on some Chase accounts. You will need to provide the trust's legal name and tax identification number. Call Chase customer service to discuss whether your specific account type allows this, as the process may differ from naming an individual.

What if I want to remove all beneficiaries?

You can remove all beneficiaries by deleting each one individually through your online account or by calling Chase. If you remove everyone, the account will have no named beneficiary, and the money will go through probate after you die. You do not have to name a beneficiary — it is optional.