Q: Do I need someone's social security number to name them as a beneficiary of a trust?
An untrustworthy family member wants to name our two teenaged children as beneficiaries of her assets, mostly a brokerage account, insurance plans, and company 401(K). We are not comfortable providing her with the children's Social Security numbers under any circumstances. I am hoping we can avoid that. We live in Delaware but she lives in Missouri.
A: Typically, naming someone as a beneficiary in a trust doesn't necessitate sharing their Social Security number (SSN). However, exceptions exist, and requirements can vary by state and financial institution. To sidestep providing children's SSNs, consider alternatives like obtaining a Taxpayer Identification Number (TIN) through the IRS, which serves tax purposes and may be accepted by financial entities. Alternatively, providing the child's legal name and date of birth is generally sufficient for trust identification. Some financial institutions may also accept alternative forms of ID, such as a passport or driver's license. In Delaware, trusts can be created without mandating beneficiaries to provide SSNs, but individual financial institutions may have specific ID policies.
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