1. What is an Irrevocable Trust?
   Irrevocable trust accounts are deposits held by a trust established by statute or a written trust agreement in which the creator of the trust (grantor/settlor) contributes funds or property and gives up all power to cancel or change the trust.



2. How are funds deposited pursuant to an irrevocable trust document insured?
   The interests of a beneficiary in all deposit accounts established by the same settlor and held at the same insured bank under an irrevocable trust are added together and insured up to $100,000, provided all of the following requirements are met:
   
   
   • The insured bank's deposit account records must disclose the existence of the trust relationship.
   • The beneficiaries and their interests in the trust must be identifiable from the deposit account records of the bank or from the records of the trustee.
   • The amount of each beneficiary's interest must not be contingent as defined by FDIC regulations.
   • The trust must be valid under state law.

   Since the amount of insurance for an irrevocable trust depends upon specific terms and conditions of the trust, owners or trustees of an irrevocable trust may want to obtain assistance from their legal or financial advisor.

3. Are beneficiaries of an irrevocable trust required to be related to the grantor?
   A beneficiary does not have to be related to the grantor to obtain insurance coverage under the irrevocable trust category.



4. What is the insurance coverage if the grantor retains an interest in the trust?
   If the grantor retains an interest in the trust, the amount of the retained interest would be added to any single accounts owned by the grantor and the total insured up to $100,000.



5. What if the beneficiaries or their interests in such a trust cannot be ascertained?
   When the ownership interests of the beneficiaries cannot be determined, insurance coverage for the entire trust is limited to a maximum of $100,000.

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