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.
account is eligible for up to $500,000 in deposit insurance coverage as a joint account and is fully insured. Jane’s $220,000 single account at the same IDI is fully insured, since it is the only single account owned by Jane at that IDI. Account Title Owners Ownership Category Account Balance Insured Amount Uninsured
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