Identify the beneficiaries of this POD/ITF or living trust account . If this account has more than one beneficiary, enter each beneficiary’s name separately.
If you do not wish to use full names, you can use first names, relationships or other designations (e.g., George, Gracie, Husband, Wife, Child 1, Beneficiary 1).
When entering the names of beneficiaries you must always use the identical name for the same person. Using different name stylings or punctuation for the same person (e.g., Mary Jane Smith and M.J. Smith) will result in an inaccurate share insurance report.
The beneficiary of a revocable trust account can be a:
- Person—regardless of their relationship to the owner.
- Charity—Recognized by the IRS
- Other Non-profit Organization—Recognized by the IRS
The relationship between the owner and beneficiary does not impact insurance coverage.
Beneficiaries other than the above are not eligible for separate coverage under revocable trust rules.
IMPORTANT: Accounts that name a living or revocable trust as the beneficiary may not be separately insured from other trust shares held by the same owner at the same credit union. Such accounts should be entered as if the account were held in the name of the revocable trust—The owner(s) (grantor/settlor/trustor) of the trust should be identified as the
trust owner (s) of the account, and the actual people or entities who receive trust assets after the death of the owner(s) should be identified as beneficiaries of the account.