How to Add a Beneficiary to Your Chase Bank Account

What a beneficiary is and why you might add one

A beneficiary is a person you name to receive the money in your Chase account if you die. When you add a beneficiary, that money passes to them outside of probate — the legal process that normally distributes a person's assets after death. This means the funds reach your beneficiary faster and without court involvement.

Chase lets you name beneficiaries on savings accounts, checking accounts, and money market accounts. You can name one person or multiple people, and you can decide how much of the account each person receives. The beneficiary designation is separate from your will, so it takes priority over what your will says about that account.

You do not need a large balance to add a beneficiary. You can set this up at any time, and it costs nothing.

Key Takeaways

• You can add a beneficiary to most Chase deposit accounts by logging into Chase.com, calling Chase customer service, or visiting a branch in person.
• Chase calls beneficiaries "transfer on death" (TOD) designations, and you can name one or more people to receive your account balance.
• The beneficiary you name will receive the account funds outside of probate if you die, which is faster than the normal inheritance process.
• You can change or remove a beneficiary at any time during your lifetime, and the change takes effect when ready.

Adding a beneficiary online through Chase.com

The fastest way to add a beneficiary is through your Chase online account. Log in to Chase.com with your username and password, then go to the account you want to add a beneficiary to. Look for a menu option labeled "Account Services," "Settings," or "Manage Account" — the exact label varies by account type.

Select the option for "Add Beneficiary," "Transfer on Death," or "Beneficiary Designation." Chase will ask you for the beneficiary's full name, date of birth, and Social Security number or tax ID. You will also specify what percentage of the account that person receives. If you are naming multiple beneficiaries, you can split the account among them — for example, 50 percent to one person and 50 percent to another.

Review the information you entered, then confirm. Chase will send you a confirmation email with the details of the beneficiary you added. Keep this email for your records.

Adding a beneficiary by phone or in person

If you prefer not to use the website, you can call Chase customer service at the number on the back of your debit card. Tell the representative you want to add a beneficiary to your account. They will ask for the same information: the beneficiary's full name, date of birth, and Social Security number, plus the percentage of the account they should receive.

You can also visit a Chase branch in person and speak with a banker. Bring a photo ID and the information about the person you want to name as beneficiary. The banker will complete the form with you and give you a copy for your records.

What information you need before you start

Before you contact Chase, gather the following details about each person you want to name as a beneficiary:

• Their full legal name (as it appears on their Social Security card or government ID)
• Their date of birth
• Their Social Security number or tax ID
• The percentage of the account they should receive (if naming multiple beneficiaries, the percentages must add up to 100 percent)

You do not need the beneficiary's permission to name them, and they do not need to sign anything. The designation is your choice alone.

Changing or removing a beneficiary

You can change your beneficiary designation at any time while you are alive. Log back into Chase.com, go to the same account settings where you added the original beneficiary, and look for an option to "Edit" or "Update" the beneficiary. You can change the person's name, the percentage they receive, or remove them entirely.

If you want to remove a beneficiary without naming someone new, you can do that too — just delete the designation. The account will then have no beneficiary on file, and the funds will be distributed according to your will or state law if you die.

Changes take effect when ready. Chase will send you a confirmation email showing the update.

What happens when the account owner dies

When you die, your beneficiary (or beneficiaries) can contact Chase with a copy of your death certificate and proof of their identity. Chase will verify the information and transfer the account balance to the beneficiary. The exact timeline depends on how quickly the beneficiary contacts Chase and provides the documents, but the process typically takes a few weeks.

The beneficiary does not have to go through probate court to receive the money. This is one of the main reasons people set up beneficiary designations — it speeds up access to the funds and avoids court fees.

Beneficiaries and taxes

Naming a beneficiary does not create a tax problem for you during your lifetime. When you die, the beneficiary will receive the account balance, and they may owe taxes on any interest the account earned after your death — but that is their responsibility, not yours.

If your estate is very large, there may be federal estate tax considerations, but most people do not have estates large enough to trigger federal estate tax. State inheritance taxes vary by location. If you have questions about how a beneficiary designation affects your specific situation, talk to a tax professional or estate attorney.

Frequently Asked Questions

Can I name my minor child as a beneficiary?

Yes, you can name a minor as a beneficiary. However, when you die, the funds cannot be given directly to a child under 18 in most states. Chase will hold the money until a court appoints a guardian to manage it, or until the child reaches the age of majority (usually 18 or 21). To avoid this delay, some people name an adult as beneficiary with the understanding that the adult will manage the money for the child, or they set up a trust instead.

What if I name someone and then we get divorced?

Chase will not automatically remove an ex-spouse from your beneficiary designation after a divorce. You must update it yourself. Log into your account and remove or change the beneficiary. Some states have laws that automatically remove a former spouse from certain beneficiary designations, but it is safer to make the change yourself rather than rely on state law.

Can I name my estate or a charity as a beneficiary?

Chase allows you to name a person as a beneficiary, not an organization or your estate. If you want to leave money to a charity or have your account funds go through your estate, you will need to handle that through your will instead of a beneficiary designation.

Do I need a lawyer to add a beneficiary?

No. Adding a beneficiary to a Chase account is a straightforward form that you can complete yourself online, by phone, or in person at a branch. You do not need a lawyer, and there is no cost. If you have a complex estate or want to coordinate your beneficiary designations with a larger estate plan, talking to an attorney can be helpful — but the basic task of naming a beneficiary requires no legal help.

What if I do not name a beneficiary?

If you die without naming a beneficiary, the account balance becomes part of your estate and is distributed according to your will or state law. This process goes through probate court, which takes longer and costs more than a beneficiary designation. For this reason, most people name at least one beneficiary on their accounts.