It’s time for an estate planning PSA!
Let’s talk about the investing app Robinhood, it has been on the rise in popularity for its ease of use, but let’s talk about what it’s not, and how using Robinhood could mean dealing with probate.
Robinhood does not allow you to:
🔹Name a joint owner
🔹Name a beneficiary
🔹Put the account in an LLC
🔹Put the account in a Trusts
That means that the account is in your individual name and is subject to probate. If your total value of personal property exceeds $75,000 then you won’t be eligible for the simplified probate process.
This is why I caution clients about using Robinhood! Maybe Robinhood should get on the ball and let clients name joint owners and beneficiaries!
If you have questions about how to hold title of your accounts I recommend contacting your owner’s estate advisor.
I hope that you found this little PSA helpful! If you did be sure to like, comment down below, and share with friends and family (especially those that may be using Robinhood!)