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What is a KEYPLAN with third-party beneficiary?

A KEYPLAN with a third-party beneficiary is a KEYPLAN you can create on your own account but with another person as beneficiary.

A KEYPLAN with a third-party beneficiary is only possible for a KEYPLAN opened by the adult account holder of an individual account. It is not possible to add a beneficiary to a KEYPLAN of a joint account.

You only need to create a KEYPLAN, click on change your KEYPLAN and give us the name of the person, the birthday and the transfer date. The beneficiary should be at least 18 at the transfer date.

You will stay in control of the KEYPLAN and you can always change all parameters until a month before the transfer date.

Regulations for KEYPLAN with designated beneficiary.

If you are already a Keytrade Bank client with an individual account, please log in and click on Trading > KEYPLAN. Click to add a beneficiary, fill in the details of the beneficiary, read and accept the specific Regulations and confirm the change.

If you are not yet a Keytrade Bank client, open your individual account now, create a KEYPLAN and determine yourself the parameters of the KEYPLAN with a third-party beneficiary. Give the data of the beneficiary, select the funds, choose the amount and the periods of payments, and benefit from this new periodic and diversified investment.

Is it possible to open a KEYPLAN with third-party beneficiary on a joint account?

No, that is only possible on an individual account.

What is the difference with a KEYPLAN created on the name of a child?

A KEYPLAN with a third-party beneficiary is a KEYPLAN that you create for a specific beneficiary. You manage the KEYPLAN yourself and retain control. You decide when the beneficiary will benefit from the KEYPLAN. You can adapt the parameters of the KEYPLAN as you wish, until 4 weeks before the transfer date. The beneficiary isn't aware that a KEYPLAN has been created for him/her until you inform him/her. If you want to open a KEYPLAN on the name of your child, the account must be opened in the name of the child by the legal representative (the parents). Upon turning 18, the child can take control of the KEYPLAN.

Can I change the parameters of a KEYPLAN with a third-party beneficiary?

Yes of course. You can change the parameters when you want to. Log in on the site, click on Change your KEYPLAN, indicate your changes and confirm with your confirmation code. A month before the transfer date you fixed for your KEYPLAN the parameters will no longer be able to be modified.

How can I turn an existing KEYPLAN into a KEYPLAN with a third-party beneficiary?

Log in to the site  and select your KEYPLAN. Click to add a beneficiary, fill in the details of the beneficiary, read and accept the conditions and confirm the change with your confirmation code.

What does the beneficiary need to do to receive the KEYPLAN?

6 weeks before the transfer date of the KEYPLAN with a third-party beneficiary, the account holder will receive an e-mail from us with a document that should be filled in and signed by you and the beneficiary.  You need  to inform the beneficiary of the KEYPLAN and ask him/her to fill in the document. The beneficiary has three possibilities:

  • Transfer the money to an existing Keytrade Bank account
  • Open an account at Keytrade bank and transfer the money to this new account
  • Transfer the money to another bank

If the transfer date of the KEYPLAN is before the end of the fifth year, you will have to pay the applicable fee to sell a fund (this fee is 9,95EUR ).

How much time will it take to transfer the KEYPLAN?

Depending on the option the beneficiary choses, the transfer can take place in 1 week, max 1 month after the transfer date of the KEYPLAN with a third-party beneficiary. In case of death, this period can be longer as Keytrade Bank needs to respect all legal conditions.

How does the beneficiary needs to stipulate his identity?

The beneficiary needs to fill in and sign the form that he receives from the account holder.  In this form he needs to indicate his personal data, the option he chooses to receive the KEYPLAN. This form should be send to Keytrade Bank (via postal mail, e-mail) at least one week before the transfer date of the KEYPLAN with a third-party beneficiary.

Can a beneficiary refuse the KEYPLAN ?

Yes. If the beneficiary refuses the KEYPLAN, the account holder remains the owner of the KEYPLAN.

What happens when I die before the end date of the KEYPLAN with third-beneficiary?

The standard procedure will start. The notary verifies the legal aspects and takes teh necessary steps to handle this as smoothly as possible. There are different situations possible: - the beneficiary of the KEYPLAN is a minor: the amount of the KEYPLAN is placed on a blocked account in the name of the beneficiary. Upon turning 18, the beneficiary will can take control of the amount. - the beneficiary is an adult: the amount of the KEYPLAN is given to the beneficiary

What happens when I die in the 3 years after the end of my KEYPLAN with a third-party beneficiary?

The beneficiary needs to take the necessary steps to make sure that all legal aspects are respected.

This article does not contain any investment advice or recommendation, nor a financial analysis. Nothing in this article may be construed as information with a contractual value of any sort whatsoever. This article is intended for information only and does not constitute in any way a commercialization of financial products. Keytrade Bank cannot be held liable for any decision made based on the information contained in this article, nor for its use by third parties. Every investment entails risks such as a possible loss of capital. Before investing in financial instruments, please inform yourself properly and read carefully the document "Overview of the principal characteristics and risks of financial instruments" that you can find in the Document centre

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