The rules for trusts are even more complicated with FDIC insurance. Here are the current rules, as of September 20, 2011, from the FDIC website. I hope this helps you.
Ownership CategoriesRevocable Trust AccountsThis 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.
A revocable trust account is a deposit account owned by one or more people that identifies one or more beneficiaries who will receive the deposits upon the death of the owner(s). A revocable trust can be revoked, terminated or changed at any time, at the discretion of the owner(s). In this section, the t
Currently the FDIC insurance limits have been raised to $250,000 per BANK (not per account). I will post the trust rules later in the week as they are a little different. Check out fdic.gov for the latest information about FDIC insurance. It’s a huge part of estate planning, trust and probate law so I am providing it here for my loyal readers.
FDIC Insurance Coverage Basics
The FDIC – short for the Federal Deposit Insurance Corporation – is an independent agency of the United States government. The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails.
Any person or entity can have FDIC insurance coverage in an insured bank. A person does not have to be a U.S. citizen or resident to have