The Abra team has taken our user's feedback and added this new option within our main menu. This option allows users to set up a designated beneficiary if something happens (death or illness).
Please note, adding a designated beneficiary in-app will only give that person access to the funds held in your interest account and NOT your trading account. Abra cannot give your beneficiary access to your trading account. If you would like to give someone other than yourself access to these funds they will need your 13-word recovery phrase. In estate planning, we suggest writing our 13-word phrase down in your will or writing it down and keeping it with your important documents.
How to set up:
- Open your Abra app
- Tap: the main menu in the upper left-hand corner.
- You must first apply and be approved by Prime Trust to add a beneficiary.
- If you have already been approved by Prime Trust you will see the screen to add a beneficiary.
- First page: Add their name, email, date of birth, and your relationship to that person.
- Second page: Add their tax country, tax ID number, address, and phone number.
- The last page will confirm you have added your beneficiary.
- At this time you can only add one, in the future you may be able to split the amount.
*Please note, adding a person to this portion of the app may not be enough to gain access to funds held within your account. The beneficiary may need to provide additional documentation.