Transcription of Revocable Trust Accounts
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Revocable Trust Accounts
Revocable Trust Accounts Page | 42 Revocable Trust Accounts ( 12 ) Disclaimer This section explains FDIC insurance coverage for Revocable Trust Accounts and is not intended as estate planning advice or guidance. Depositors should contact a legal or financial advisor for assistance with estate planning. I. Definition A Revocable Trust account is a testamentary deposit account owned by one or more people expressing the intent that upon the death of the owner(s), the deposited funds will pass to one or more named beneficiaries. A Revocable Trust account can be revoked, terminated, or amended at the discretion of the owner(s). The ability to amend a Revocable Trust account includes the right to change beneficiaries and beneficiary allocations. FDIC deposit insurance regulations provide for two types of Revocable trusts informal Revocable trusts and formal Revocable trusts: 1. Informal Revocable Trusts often called payable-on death ( POD ), in- Trust -for ( ITF ), as trustee for ( ATF ), or Totten Trust Accounts are created when an account owner signs an agreement, which is usually part of the IDI s signature card, directing the IDI to transfer the funds in the account to one or more named beneficiaries upon the owner s death.
revocable trust account. Instead the funds will be insured based solely on the actual account ownership. Since the account is owned jointly by Jane and Robert with the two of them having equal withdrawal rights and, from a deposit insurance perspective, naming no beneficiaries, the POD account will be insured as a joint ownership account.
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