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).
2. Formal Revocable Trusts – known as living or family trusts – are written agreements created for estate planning purposes. The owner controls the deposits and other assets in the trust during his or her lifetime. The agreement establishes that the deposits are to be paid to one or more identified beneficiaries after the owner’s death.
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