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Revocable and Irrevocable Trust Accounts

Last Updated: September 8, 2020

Revocable Trusts

A revocable trust account is a deposit account owned by one or more people that designates one or more beneficiaries who will one owner, each owner's coverage is calculated separately.

A revocable trust can be revoked, terminated, or changed at any time at the discretion of the owner(s). Revocable trusts can be formal or informal.

Irrevocable Trusts

An irrevocable trust account is a deposit account titled in the name of an irrevocable trust, for which the owner (grantor/settlor/trustor) contributes deposits or other property to the trust, but gives up all power to cancel or change the trust.

Irrevocable trusts are also established following the death of an owner of a revocable trust, or by statute or judicial order.

Which type of trust account do you want to know about?

If you have a deposit insurance coverage question, please visit the FDIC Information and Support Center or call 1-877-ASK-FDIC (1-877-275-3342).