Transfer account assets in case of death instead of closing the account

đź’ˇ Feature suggestions & ideas
1

In the FAQ it’s stated that in case of death the deceased person’s assets will be sold and the free funds will be sent to the administrator/successor.

Instead, I’d like to be able to transfer the assets to my spouse.

For example, by adding the spouse on the account so they have access to the account. In case of my death, they could present the death certificate so that I’m removed from the account.
This is just an example, the actual implementation could differ. But the main point is to be able to assign a person that will receive the assets so that no selling is necessary.

16 Likes
2

Good point. I ran this by the team, and we’ll look into whether we can make it happen. I’ll keep you in the loop as we make progress.

9 Likes
3

+1 from me for this feature.

1 Like
4

Or any successor I would add, like a son or daughter that are over 18 years old.

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5

That is a very important topic and I have been thinking about that a lot. So, what happens in case of a death? Does my family gets immediately access to my account even if they aren’t associated to it? And how do they get the money after the assets being sold? Thank you

6

If anything unexpected happens, the administrator or successor of the estate should contact us with a copy of the death certificate. We will review and approve the documentation, after which we will close any positions. The account will then be deactivated, and the free funds will be transferred to the designated administrator or successor.

1 Like
7

The free funds will be transferred to the successor. What about the stocks? Are they going to be sold by Trading 212 and the money will e transferred to the successor?

8

Yes, they will be sold and the proceeds will be transferred to the successor.

9

Change that! It is a serious flaw, it would be entirely normal for the portfolio to remain in the heirs, all other brokers do that.

thanks

2 Likes
10

i agree with the above comments, if there is a forced sale which happens in a dip in the market, or even worse, just after a market crash, the estate could be serious effected, returning far less to the beneficiaries than it would if the shares are transferred, or passed control to the executor to administrate for the benefit of the estate.

this could be addressed by registration of a next of kin, or who your executor of your estate is. if you have assets you should have a will drawn up

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11

just to further my last comment, while i cant speak for other countries only the uk. my understanding is the persons estate is passed to the executor to administrate, the assets can not be sold until a deed of probate is granted, then the executor is responsible to act on the best interest of the estate.

if there is no named executor, or the executor passes before the deceased, then a beneficiary can apply to the probate office for letters of administration for them to take the role of executor.

so it seems you can not take any action until a person responsible either as named on the will, or via letters of administration, provides all the relevant and said documents, it is then that persons responsibility to take decisions for the benefit of the beneficiaries

2 Likes