FDIC simplifies rules for living trust deposits

Bank News | February 1, 2004| | Copyright

The FDIC has voted to simplify the insurance rules for deposits held in connection with a living trust. The FDIC said the rules are being changed for living trust accounts primarily because the existing rules have been confusing for both consumers and bankers.

Under the new rules, which will become effective April 1, the FDIC will provide insurance coverage of up to $100,000 for each "qualifying" beneficiary entitled to a living trust account's assets upon the death of the account owner. As with the existing rules, a qualifying beneficiary is defined as the account owner's spouse, children, ...

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