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Revocable Trust Account-Beneficiaries Changes

This question pertains to a Revocable Trust Account. Our client is reluctant to submit the entire Trust document and the attorneys version of what we need to know does not include list of beneficiaries. Can we insure this account for more than $250,000 without knowing the exact number of beneficiaries? What if they do submit a list, but make changes to the Trust afterwards without notifying us and the number of beneficiaries changes, are we obligated to provide the insurance for all?

by Randy Carey:

First off - you don't provide any insurance. You won't be around if insurance comes into play. The FDIC would ask for further documentation from the trust if insurance payments came into play.


by John Burnett:

Randy's answer is absolutely correct. If you're into citations, review the FDIC's Deposit Insurance Coverage regulation, 12 CFR part 330 (, sections 330.5 (Recognition of deposit ownership and fiduciary relationships) and 330.10 (Revocable trust accounts).

First published on 06/09/2019

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