Adding a beneficiary

[streetboy]

What is the name of your state? CA

My mother from other country opened a trading account in USA and asked the firm to add me as beneficiary. Firm refused saying that they cannot add beneficiary to foreign account.

how can I add myself as beneficiary for this account ? So that if something happens in the future , my mother does not want to lose money and all the money goes to me.

Please advise

 

[Zigner]

What is the name of your state? CA

My mother from other country opened a trading account in USA and asked the firm to add me as beneficiary. Firm refused saying that they cannot add beneficiary to foreign account.

how can I add myself as beneficiary for this account ? So that if something happens in the future , my mother does not want to lose money and all the money goes to me.

Please advise

Your mother should ask the firm what she would need to do.

 

[adjusterjack]

Or she can find another trading broker that will allow a beneficiary, and move the money to it.

 

[zddoodah]

how can I add myself as beneficiary for this account ?

It's your mother's account. What would make you think you might have the ability to do anything with it? And is there something about "Firm . . . [said] that [it] cannot add beneficiary to foreign account" that is unclear to you?

So that if something happens in the future , my mother does not want to lose money and all the money goes to me.

"If something happens in the future"? What? Of course things will happen in the future. Lots of things.

Your post doesn't raise any legal issue. If your mother is unhappy with the terms on which her brokerage is willing to do business with her, she is free to move her investments to a different firm.

 

[streetboy]

Your mother should ask the firm what she would need to do.

They asked my mother to approach estate planning attorney on the options

 

[Taxing Matters]

how can I add myself as beneficiary for this account ?

YOU can't do that. It's not your account. Only your mother can do that.

Firm refused saying that they cannot add beneficiary to foreign account.

There is no law that prevents the firm from doing that. But the financial institution is free to have that policy if it wants. And if the firm holds fast on that then there will be way for your mother to add you as a beneficiary.

So that if something happens in the future , my mother does not want to lose money and all the money goes to me.

There are other ways your mother could pass the account to you, subject to the laws of her country and the laws of the state in which the account is held. For example, she might pass you that account in her will.

Or, she can switch the account to another firm that will allow her to make a beneficiary designation.

 

[Taxing Matters]

They asked my mother to approach estate planning attorney on the options

That's one good way to go.

 

[TrustUser]

seems like the easiest solution is to have your mom invest somewhere that will allow her to add you as a beneficiary

when you say trading account, are you referring to a brokerage account, where one buys and sells stocks ?