The general rule at our bank is that no trust accounts can list a payable on death (POD) beneficiary on them. However,(I have been told)that the FDIC booklet says that a trust must list POD (or similar language) and the beneficiaries in the account title to qualify under that category of insurance. How do we properly title a trust account so that it falls under the insurance qualifications of a trust? Does it matter what type of trust it is?
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Opinions expressed are my own.