Such funds are added to any other joint ownership funds held by the husband or wife. The grantor's intention that, upon his or her death, the funds will belong to the named beneficiary must be shown in the title of the account. This may be accomplished by depositing the funds in the name of the trust. Each beneficiary must be specifically named in the deposit account records of the depository institution. Your Insured Deposit - Irrevocable Trusts Irrevocable Trusts 33.
Irrevocable trusts are another legal ownership category.
The interests of the beneficiaries must be ascertainable from the deposit account records of the depository institution or from the records of the trustee maintained in good faith and in the regular course of business. The value of each beneficiary's interest must be determinable according to FDIC regulations. The trust must be valid under state law. Kinship is not a factor in determining coverage of irrevocable trusts.