Adding your spouse to your Merrill Edge account can be a smart move for many couples, simplifying financial management, estate planning, and joint investment goals. Whether you're looking to consolidate finances or prepare for the future, Merrill Edge offers options to make this process relatively straightforward. This comprehensive guide will walk you through the steps, discuss important considerations, and address frequently asked questions.
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Are you looking to streamline your household's investments and make financial decisions together? Adding your spouse to your Merrill Edge account can be an excellent way to achieve this. It offers convenience, shared oversight, and a clear path for future financial planning. Let's dive into how you can make this happen.
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| How To Add Spouse To Merrill Edge Account |
Understanding Account Types: Joint Ownership vs. Authorized Access
Before you begin, it's crucial to understand the different ways your spouse can be involved with your Merrill Edge account:
Joint Account (Joint Tenants with Rights of Survivorship - JTWROS or Tenants in Common - TIC): This is the most common and comprehensive way to add your spouse. With a joint account, both you and your spouse are co-owners with equal access and control over the assets.
Joint Tenants with Rights of Survivorship (JTWROS): If one account holder passes away, their share of the account automatically transfers to the surviving account holder, bypassing probate. This is often preferred by married couples.
Tenants in Common (TIC): If an account holder dies, their share does not automatically transfer to the surviving account holders. Instead, it goes to the beneficiary designated in the deceased's will, which can involve probate.
Authorized Account Access (Read-Only): Merrill Edge offers an "Authorize Account Access" feature. This allows you to grant read-only visibility to your spouse (or other trusted individuals like an accountant or attorney). They can view balances, holdings, statements, and download activity, but cannot perform transactional capabilities like buying, selling, or transferring money. This is not the same as adding them as a joint owner.
For the purpose of this guide, we will focus on adding your spouse as a joint owner to your Merrill Edge account, as this provides full shared control and ownership.
Step 1: Determine Your Current Account Status and Desired Outcome
Before you initiate the process, it's helpful to consider your existing account and what you aim to achieve.
Do you currently have an individual Merrill Edge account that you want to convert to a joint account with your spouse? This is a common scenario.
Are you looking to open a brand new joint account with your spouse from scratch? This is also an option.
Merrill Edge typically facilitates adding a joint owner to an existing individual CMA (Cash Management Account). If you have other types of accounts (e.g., IRA), the process might involve opening a new joint account and transferring assets.
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Step 2: Gather Necessary Information and Documents for Your Spouse
To add your spouse as a joint owner, Merrill Edge will require specific information and documents for them. Having these ready will significantly expedite the process.
For Your Spouse, You Will Need:
Full Legal Name
Social Security Number (SSN)
Date of Birth
Valid Mailing Address
Email Address
Employment Information: Company name, address, and start date.
General Financial Information: Such as annual income and household net worth.
Potentially Required Supporting Documents (Keep on hand, as they may be requested):
Government-Issued Photo ID: Driver's license, passport, or state ID for your spouse.
Marriage Certificate: Especially if there are any name discrepancies or to confirm spousal relationship, though generally not explicitly listed for adding a joint owner unless a name change is also involved.
Proof of Address: Utility bill or bank statement if their mailing address needs verification and differs from their ID.
Step 3: Initiate the Process - Online, Phone, or In-Person
Merrill Edge provides several avenues to add a joint owner.
Option 3.1: Online Application (Most Common for New Joint Accounts)
For opening a new Joint Cash Management Account® (CMA) with your spouse: Merrill Edge's online application process is designed for this.
Visit the Merrill Edge "Open an Account" Page: Navigate to the Merrill Edge website and look for the "Open an Account" section, specifically for joint accounts.
Select "Joint Cash Management Account®": Choose the appropriate joint account type (likely CMA).
Start the Application: You will typically fill out the application for yourself first.
Add Co-Applicant Information: There will be a section to add your spouse (co-applicant) and their required information (SSN, DOB, contact details, employment, financial info).
Spouse's Review and Attestation: Once you've completed your portion, your spouse may receive an email prompting them to review the information you entered for them and attest to the terms and conditions. They will likely need to create their own MyMerrill login if they don't have one.
Confirmation: After your spouse completes their review, you'll receive an email confirming the application was successfully submitted.
Option 3.2: Existing Account - Merrill Edge Self-Directed CMA Additional Account Owner Booklet and Agreement
For adding a joint owner to an existing individual CMA account: Merrill Edge has a specific process for this.
Locate the "Merrill Edge® Self-Directed (CMA) Additional Account Owner Booklet and Agreement": This document is specifically designed for authorizing the addition of a joint account owner to an Individual CMA account. You might find this on their forms or support page, or by calling customer service.
Complete the Form: Carefully fill out all required sections in the booklet/agreement for both you (the existing owner) and your spouse (the new joint owner). Ensure all information is accurate and complete.
Signatures: Both you and your spouse will need to sign the document. Pay attention to any notarization requirements. While not always explicitly stated for this form, some financial documents may require a Medallion Signature Guarantee, especially for significant ownership changes or asset transfers. It's best to confirm with Merrill Edge if this is needed.
Submit the Application: Return the completed and signed booklet/agreement to Merrill Edge. This can often be done via fax or mail to their document processing center. Refer to the form itself for specific submission instructions.
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Option 3.3: In-Person at a Bank of America Financial Center
For a more guided approach or if you prefer in-person assistance:
Schedule an Appointment: It's highly recommended to schedule an appointment at a Bank of America financial center (since Merrill Edge is part of Bank of America).
Bring All Parties and Documents: Both you and your spouse must be present for this appointment. Bring all necessary documents for both of you, including valid government-issued photo IDs and any other supporting documents (e.g., marriage certificate if applicable for name changes).
Work with a Representative: A Merrill Edge or Bank of America representative will guide you through the process, help you fill out any required forms, and verify identities. This is an excellent option if you have questions or prefer direct assistance.
Option 3.4: Contact Merrill Edge Customer Service
If you're unsure which method applies or have specific questions:
Call Merrill Edge Customer Service:
Merrill Edge Advisory Center: 1.888.654.6837
Merrill Edge Self-Directed Investing: 1.877.653.4732
Explain Your Request: Clearly state that you wish to add your spouse as a joint owner to your account. They will guide you on the specific forms and steps required based on your current account type and situation.
Step 4: Account Review and Approval
Once Merrill Edge receives your completed application and any required documents, they will review it.
Verification: They will verify the information provided for both you and your spouse.
Processing Time: The processing time can vary. Online applications for new joint accounts might be quicker, sometimes within one day, while paper submissions or more complex changes could take longer.
Notification: You will be notified once your spouse has been successfully added as a joint owner to your Merrill Edge account. This notification might come via email or postal mail.
Step 5: Confirm Account Access and Features
After approval, ensure both you and your spouse can access and manage the account.
Log In: Both you and your spouse should attempt to log into MyMerrill using your respective User IDs and Passwords.
Verify Access: Confirm that both of you have full transactional capabilities (buying, selling, transferring funds within Merrill Edge accounts) and can view all account details.
Review Account Statements: Future statements will reflect the joint ownership.
Important Considerations When Adding Your Spouse
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Adding your spouse as a joint owner has significant implications beyond just shared access.
Legal Implications:
Equal Ownership and Control: Both owners have full and equal control over the account, including the ability to make investment decisions, deposit funds, and withdraw funds.
Shared Liability: Each account holder is legally responsible for the actions of others, including any potential debts or margin calls incurred within the account.
Closing the Account: To close a joint account, all account holders typically need to be in agreement and sign off.
Tax Implications:
Simplified Reporting for Spouses: For married spouses, any interest, dividends, or capital gains earned in the joint account are generally reported under each spouse's individual tax ID and go on their personal tax returns. Even if only one spouse generates all the investment income, it is often split and reported equally on both spouses' tax returns.
Estate Tax Planning: For JTWROS accounts, the transfer of assets upon death to the surviving spouse is often seamless for probate purposes, but estate tax implications should be considered, especially for larger estates. Consult with a tax advisor.
Community Property vs. Common Law States:
If you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin, and sometimes Alaska, Florida, Kentucky, South Dakota, Tennessee with agreements), assets acquired during marriage are generally considered equally owned by both spouses. This can affect how assets are treated upon death or divorce, regardless of how the account is titled.
In common law states, assets are typically owned by the individual who acquired them, unless specifically titled as joint property.
Always consult with an attorney to understand the specific laws in your state regarding joint ownership and community property. Merrill Edge, like other brokerage firms, will remind you of this.
Investment Strategy and Communication:
With shared control, open communication about investment goals, risk tolerance, and individual trades is paramount to avoid conflicts or misunderstandings.
Discuss your joint financial objectives and establish a clear decision-making process.
Beneficiary Designations:
While a joint account with rights of survivorship automatically passes to the surviving spouse, it's still wise to review and update beneficiary designations on all accounts (including IRAs and other retirement accounts) to ensure your wishes are clearly documented.
Note that a Transfer on Death (TOD) designation can be added to joint accounts, but its functionality might be superseded by the JTWROS feature in most cases for spouses.
10 Related FAQ Questions
How to choose between JTWROS and Tenants in Common for a joint account?
Quick Answer: For married couples, Joint Tenants with Rights of Survivorship (JTWROS) is generally preferred as it allows the surviving spouse to automatically inherit the assets without probate. Tenants in Common (TIC) is more common for unrelated individuals or for specific estate planning strategies where a deceased owner's share should pass through their will.
How to transfer an existing individual IRA to a joint Merrill Edge account?
Quick Answer: You cannot directly convert an individual IRA into a joint IRA. IRAs are individual retirement accounts. To combine IRA assets, one spouse typically rolls over their IRA into their own individual IRA at Merrill Edge, and then the couple can invest those funds within a separate taxable joint brokerage account, or explore options like spousal IRAs. Consult a financial advisor for specific tax implications.
How to manage a joint Merrill Edge account effectively with my spouse?
Quick Answer: Establish clear communication about investment goals, risk tolerance, and spending habits. Consider creating a joint financial plan, setting regular check-ins to review the portfolio, and agreeing on a decision-making process for trades and withdrawals.
How to close a joint Merrill Edge account?
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Quick Answer: Typically, all account holders must agree and sign any necessary forms to close a joint Merrill Edge account. Contact Merrill Edge customer service for the specific procedure and forms required.
How to handle tax reporting for a joint Merrill Edge account?
Quick Answer: Merrill Edge will issue a consolidated tax statement (e.g., Form 1099-B, 1099-DIV) for the joint account. For married couples, the income and gains are generally split and reported equally on both spouses' individual tax returns, regardless of who contributed the funds or made the trades.
How to add an authorized user for read-only access instead of a joint owner?
Quick Answer: Log in to MyMerrill, navigate to "Account Access" or a similar section, and follow the prompts to "Authorize Account Access." You will need to provide your spouse's name and email address, select the accounts to share, and choose an access question.
How to change my name on a Merrill Edge account after marriage?
Quick Answer: You will need to complete an "Information Change/Update Form" and provide supporting documentation such as your marriage certificate, a court order, or an updated Social Security card. This typically involves submitting the form via fax or mail, or by visiting a financial center.
How to update beneficiaries on a joint Merrill Edge account?
Quick Answer: While JTWROS accounts automatically pass to the surviving owner, you can still designate beneficiaries for certain account types or for situations where both joint owners pass away simultaneously. You'll need to complete a Transfer on Death (TOD) Agreement form or other beneficiary designation forms available from Merrill Edge.
How to contact Merrill Edge customer service for assistance with adding a spouse?
Quick Answer: You can reach Merrill Edge Self-Directed Investing at 1.877.653.4732 or the Merrill Edge Advisory Center at 1.888.654.6837. You can also schedule an appointment at a local Bank of America financial center.
How to understand community property laws' impact on my joint Merrill Edge account?
Quick Answer: If you reside in a community property state (AZ, CA, ID, LA, NV, NM, TX, WA, WI, and potentially AK, FL, KY, SD, TN via agreements), assets acquired during marriage are generally considered jointly owned, regardless of how an account is titled. This can affect inheritance and division in divorce. It is crucial to consult with a qualified attorney in your state to understand these specific legal implications.
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