How to Add a Beneficiary on SoFi

Adding a beneficiary on SoFi account can help ensure that your money goes to the people you choose if something happens to you. A beneficiary is someone who can inherit an account after your death without the assets necessarily having to go through probate.

However, the process is different depending on whether you are adding a beneficiary to a SoFi Invest account or a SoFi Banking account. While SoFi allows you to manage banking beneficiaries directly through the app, the investment account process may require additional steps.

Can You Add a Beneficiary on SoFi?

SoFi does not allow you to add a beneficiary directly through the app for a SoFi Invest account.

If you want to add a beneficiary to your investment account, you need to contact SoFi and request the appropriate beneficiary or transfer-on-death form. You then need to complete the form and return it to SoFi according to its instructions.

The app does provide a way to manage beneficiaries for SoFi Banking accounts. If SoFi adds the beneficiary feature to Invest in the future, it would likely appear in the account management settings.

How to Add a Beneficiary on SoFi Banking

You can add a beneficiary to an eligible SoFi Banking account directly through the app. Here’s how:

1. Open the SoFi app.
2. Tap Banking at the bottom of the main screen.
3. You will see your checking and savings accounts on the banking screen.
4. Tap the gear icon in the top-right corner.
5. Look under Account Management.
6. Find Beneficiaries and tap Setup Now.
7. You will see your eligible bank accounts.
8. Tap Setup Now next to the checking or savings account where you want to add a beneficiary.

SoFi will then take you through the beneficiary setup form.

Primary vs. Secondary Beneficiaries

SoFi allows you to designate both primary and secondary beneficiaries.

Primary beneficiaries are first in line to inherit the account when you die. You can name up to five primary beneficiaries per account.

Secondary beneficiaries are backups. They generally inherit the account only if all of your primary beneficiaries have died before you. You can also name up to five secondary beneficiaries.

You can think of primary beneficiaries as your plan A and secondary beneficiaries as your plan B.

If you name multiple beneficiaries in the same category, the balance is divided evenly by default. For example, two primary beneficiaries would each receive 50%, while four would each receive 25%.

How to Add a Primary Beneficiary

After selecting the account where you want to set up beneficiaries:

1. Go to the Primary Beneficiary section.
2. Tap Add Beneficiaries.
3. Enter the beneficiary’s legal name.
4. Select their relationship to you.
5. Enter their date of birth.
6. Enter their Social Security number or ITIN.
7. Tap Add Primary Beneficiary.

Make sure the beneficiary’s information is accurate and matches their legal identification. SoFi uses this information to properly identify the person associated with the beneficiary designation.

Once the beneficiary has been added, you should see them listed on the beneficiary screen. If they are currently your only primary beneficiary, the allocation will show 100%.

If you add additional primary beneficiaries, you can adjust the percentage assigned to each person.

How to Add a Secondary Beneficiary

To add a backup beneficiary, return to the beneficiary screen and scroll to the Secondary Beneficiary section.

Tap Add Beneficiary and enter the requested information, just as you would for a primary beneficiary.

Secondary beneficiaries generally receive the account only if none of your primary beneficiaries are living when the account becomes payable.

Beneficiaries vs. Your Will

Beneficiary designations are important because they can determine who receives assets in an account after your death.

In many cases, a beneficiary designation can take precedence over instructions in a will or trust for that particular account. Because estate-planning rules can vary depending on your circumstances and location, make sure your beneficiary designations are consistent with your overall estate plan.

Do not assume that changing your will automatically changes the beneficiary on your SoFi account. Check the account designation separately.

How to Update Beneficiaries

You can return to the same beneficiary section if you need to make changes later.

Depending on the account, you may be able to:

• Add another beneficiary
• Remove an existing beneficiary
• Change beneficiary percentages
• Add or change secondary beneficiaries

Keeping this information updated is especially important after major life changes, such as marriage, divorce, the birth of a child, or the death of a previously named beneficiary.

What About a Trusted Contact?

SoFi may also give you the option to add a trusted contact, but a trusted contact is not the same as a beneficiary.

A trusted contact is someone a financial institution can contact if it has concerns about possible financial exploitation or your well-being. A trusted contact does not automatically receive your money when you die.

A trusted contact also does not have permission simply by being listed to access your account, make trades, or move your money.

Therefore, adding a trusted contact does not replace adding a beneficiary.

What to Do for a SoFi Invest Account

If you want to add a beneficiary to your SoFi Invest account, you may need to contact SoFi rather than completing the process inside the app.

The process described here is:

1. Contact SoFi.
2. Request the beneficiary or transfer-on-death form for your investment account.
3. Complete the form with the required information.
4. Return the completed form to SoFi using the method they provide, such as mailing or uploading it.
5. Wait for SoFi to process the beneficiary designation.

The exact process and available options can change, so check with SoFi for the current requirements before submitting the form.

Final Thoughts

Adding a beneficiary is an important step if you want to make sure your accounts are handled according to your wishes. For SoFi Banking accounts, the app provides a straightforward way to set up primary and secondary beneficiaries.

The process is less convenient for SoFi Invest accounts because the beneficiary designation may require contacting SoFi and completing a separate form.

If you use SoFi for banking, you can set up beneficiaries from the Banking settings. For investment accounts, contact SoFi directly to find out how to establish the appropriate beneficiary designation.