FDIC: Electronic Deposit Insurance Estimator (EDIE)

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font-weight: bold;text-align:center; font-family: Open Sans">Using EDIE for Trusts</center> <center abindex="0" class="boldgreen " style="color:#003256;font-size:20px; font-weight: bold;text-align:center;font-family: Open Sans">Under the New Trust Ownership Category</center> </div> <div align="center"> <span tabindex="0" style="text-align:center;font-size:16px;"><strong>When calculating coverage for Trust Accounts, the FDIC uses the formula:</strong></span><br> <span tabindex="0" style="text-align:center;font-size:16px;"><strong># of Owners x # of Beneficiaries x $250,000 = Amount Insured (not to exceed $1,250,000 per owner for all trust accounts at the same bank)</strong></span><br> </div> <p > <br> <a name="bhelp"></a> <span tabindex="0" class="boldgreen" style="color:#003256;font-size:20px;"><b>Formal Revocable Trust Accounts</b><br /></span><br> <span tabindex="0" class="boldgreen" style="color:#003256;font-size:18px;">While Both Owners are Alive<br /></span> </p> <p tabindex="0"> <b>Example 1:</b> A formal revocable trust with Husband and Wife as trust owners with Child 1, Child 2, and Child 3 as beneficiaries. </p> <p tabindex="0"> <a name="bhelp"></a> <span><strong>Coverage Calculation</strong></span><br> <span>Under the new trust rules, coverage would be determined as follows:</span> </p> <p tabindex="0"> <b>(2 owners: Husband and Wife) x (3 beneficiaries: Child 1, Child 2, and Child 3) x $250,000 = $1,500,000 </b> </p> <div > <p tabindex="0"> <a name="bhelp"></a> <span><strong>How to enter using EDIE</strong></span><br> <span>User should enter the account into EDIE by choosing "Formal Revocable Trust" as the Ownership Type. Both Husband and Wife should be entered separately as owners, and both should be marked as "living". Beneficiaries Child 1, Child 2, and Child 3 should be added separately and all marked as "living".</span> </p> <p tabindex="0"> Enter <b>Account Nickname</b> (e.g. CD) and the <b>Account Balance</b>. Click <b>Add to Report</b> then click <b>Calculate Coverage</b> </p> </div> <div> <p> <a name="bhelp"></a> <span tabindex="0" class="boldgreen" style="color:#003256;font-size:17px;"><strong>After One Spouse's Death (trust does not split)</strong><br /></span><br /> <span tabindex="0"><b>Example 2:</b> Husband dies; the Wife is the sole owner of the revocable trust with Child 1, Child 2, and Child 3 as beneficiaries.</span> </p> <p tabindex="0"> <a name="bhelp"></a> <span><strong>Coverage Calculation</strong></span><br> <span>Under the new trust rules, coverage would be determined as follows:</span><br> </p> <p tabindex="0"> <a name="bhelp"></a> <span><strong>(1 owner: Wife) x (3 beneficiaries: Child 1, Child 2, and Child 3) x $250,000 = $750,000 </strong><br></span> </p> </div> <div > <p tabindex="0"> <a name="bhelp"></a> <span><strong>How to enter using EDIE</strong></span><br> User should enter the account into EDIE by choosing "Formal Revocable Trust" as the Ownership Type. Only the surviving spouse, Wife, should be entered as the owner and marked as "living". Beneficiaries Child 1, Child 2, and Child 3 should be added to this trust account and marked as "living". </p> <p tabindex="0"> Enter <b>Account Nickname</b> (e.g. CD) and the <b>Account Balance</b>. Click <b>Add to Report</b> then click <b>Calculate Coverage</b> </p> </div> <div > <p> <span tabindex="0" class="boldgreen" style="color:#003256;font-size:17px;"><strong>After One Spouse's Death (Trust splits)</strong><br /></span><br /> <span tabindex="0"><strong>Example 3:</strong><br></span> <ol> <li tabindex="0"> Wife survivor's trust - a revocable trust owned by Wife with Child 1, Child 2, and Child 3 listed as beneficiaries. </li> <li tabindex="0"> Husband's marital trust - an irrevocable trust with Husband as the owner and Child 1, Child 2, and Child 3 as beneficiaries. If the Wife has use of the funds during her lifetime (Life Estate interest), she would be considered a <b><em>fourth</em></b> beneficiary </li> </ol> </p> <p tabindex="0"> <span><strong>Coverage Calculation</strong></span><br> Coverage for the Wife's revocable trust would be determined as follows: <br> </p> <p tabindex="0"> <strong> (1 Owner: Wife) x (3 Beneficiaries: Child 1, Child 2, and Child 3) x $250,000 = $750,000 </strong> </p> <p tabindex="0"> Coverage for the Husband's irrevocable trust would be determined as follows: </p> <p tabindex="0"> <strong>(1 Owner: Husband) x (4 Beneficiaries: Child 1, Child 2, and Child 3 + Wife) x $250,000 = $1,000,000 </strong> </p> </div> <div > <p tabindex="0"> <a name="bhelp"></a> <span><strong>How to enter using EDIE</strong></span><br> User should enter the Wife's revocable trust account(s) into EDIE by choosing "Formal Revocable Trust" as the Ownership Type. Only the surviving spouse, Wife, should be entered as the owner and marked as "living". Beneficiaries Child 1, Child 2, and Child 3 should all added to this trust account and marked as "living". </p> <p tabindex="0"> Enter <b>Account Nickname</b> (e.g. CD) and the <b>Account Balance</b>. Click <b>Add to Report</b> then click <b>Add New Account</b> </p> <p tabindex="0"> The user also must separately enter the Husband's irrevocable trust account(s) into EDIE by choosing "Irrevocable Trust" as the Ownership Type. Only the deceased spouse, Husband, should be entered as the owner and marked as "not living". Beneficiaries Child 1, Child 2, and Child 3 + Wife should all be added to this trust account and marked as "living". </p> <p tabindex="0"> Enter <b>Account Nickname</b> (e.g. CD) and the <b>Account Balance</b>. Click <b>Add to Report</b> then click <b>Calculate Coverage</b> </p> </div> <p > <a name="bhelp"></a> <span tabindex="0" class="boldgreen" style="color:#003256;font-size:17px;"><strong>After Both Spouses' Deaths (Trusts remain separate)</strong><br /></span><br /> <span tabindex="0"><b>Example 4:</b> Following the Husband's death, the Wife then passes away. The survivor's revocable trust that was created upon Husband's death now becomes irrevocable. Husband's trust remains irrevocable, but now only has three living beneficiaries (three children).</span> </p> <div > <p tabindex="0"> <span><strong>Coverage Calculation</strong></span><br> Coverage for the two irrevocable trusts would be determined as follows: <br> </p> <p tabindex="0"> <strong>(1 Owner: Wife) x (3 beneficiaries: Child 1, Child 2, and Child 3) x $250,000 = $750,000 insured. </strong> </p> <p tabindex="0"> Likewise, coverage for the Husband;s irrevocable trust would now be determined as follows: </p> <p tabindex="0"> <strong>(1 Owner: Husband) x (3 beneficiaries: Child 1, Child 2, and Child 3) x $250,000 = $750,000 insured. </strong> </p> </div> <div > <p tabindex="0"> <a name="bhelp"></a> <span><strong>How to enter using EDIE</strong></span><br> The husband's irrevocable trust and wife's irrevocable trust must be entered separately into EDIE as irrevocable trusts. </p > <p tabindex="0"> User should enter the Husband's irrevocable trust accounts(s) into EDIE by choosing "Irrevocable Trust" as the Ownership Type. Husband, should be entered as the owner and marked as "not living". Beneficiaries Child 1, Child 2, and Child 3 should all be added to this trust account and marked as "living". </p> <p tabindex="0"> Enter <b>Account Nickname</b> (e.g. CD) and the <b>Account Balance</b>. Click <b>Add to Report</b> then click <b>Add New Account</b> </p> <p tabindex="0"> The user also separately enters the Wife's irrevocable trust deposit(s) into EDIE by choosing "Irrevocable Trust" as the Ownership Type. The Wife, should be entered as the owner and marked as "not living". Beneficiaries Child 1, Child 2, and Child 3 should all be added to this trust account and marked as "living". </p> <p tabindex="0"> Enter <b>Account Nickname</b> (e.g. CD) and the <b>Account Balance</b>. Click <b>Add to Report</b> then click <b>Calculate Coverage</b> </p> </div> <p > <a name="bhelp"></a> <span tabindex="0"class="boldgreen" style="color:#003256;font-size:17px;"><strong>After Both Spouse's Deaths (Trusts merge)</strong><br /></span><br /> <span tabindex="0"><b>Example 5: </b>Husband and Wife have both passed away and the two trusts are combined.</span> </p> <div > <p tabindex="0"> <span tabindex="0"><strong>Coverage Calculation</strong></span><br> The last surviving spouse (Wife) is considered the sole owner of the merged irrevocable trust. <br> </p> <p tabindex="0"> Coverage for the merged irrevocable trust would be determined as follows: </p> <p tabindex="0"> <strong>(1 owner: Wife) x (3 beneficiaries: Child 1, Child 2, and Child 3) x $250,000 = $750,000 </strong> </p> <p tabindex="0"> <a name="bhelp"></a> <span tabindex="0"><strong>How to enter using EDIE</strong></span><br> User should enter the account as an Irrevocable Trust with the last living owner (e.g. Wife) as the sole owner of the account(s) and marked as "not living". Beneficiaries Child 1, Child 2, and Child 3 should all be added to this trust account and marked as "living". </p> </div> <p > <a name="bhelp"></a> <span tabindex="0" class="boldgreen" style="color:#003256;font-size:20px;"><b>Irrevocable Trust Accounts (created while both owners were living)</b></span> </p> <p > <a name="bhelp"></a> <span tabindex="0" class="boldgreen" style="color:#003256;font-size:17px;"><strong>While Both Owners are Alive</strong><br /></span><br /> <span tabindex="0"><b>Example 1: </b>An Irrevocable trust with Husband and Wife as trust owners with Child 1, Child 2, and Child 3 as beneficiaries.</span> </p> <div> <p tabindex="0"> <span ><strong>Coverage Calculation</strong></span><br> Under the new trust rules, coverage would be determined as follows: <br> </p> <p tabindex="0"> <strong>(2 owners: Husband and Wife) x (3 beneficiaries: Child 1, Child 2, and Child 3) x $250,000 = $1,500,000 </strong> </p> <p tabindex="0"> <a name="bhelp"></a> <span ><strong>How to enter using EDIE</strong></span><br> User should enter the account into EDIE by choosing "Irrevocable Trust" as the Ownership Type. Both Husband and Wife should be entered separately as owners, and both should be marked as "living". Beneficiaries Child 1, Child 2, and Child 3 should be added separately and all marked as "living". </p> <p tabindex="0"> Enter <b>Account Nickname</b> (e.g. CD) and the <b>Account Balance</b>. Click <b>Add to Report</b> then click <b>Calculate Coverage</b> </p> </div> <p > <a name="bhelp"></a> <span tabindex="0" class="boldgreen" style="color:#003256;font-size:17px;"><strong>After One Spouse's Death</strong><br /></span><br /> <span tabindex="0"><b>Example 2: </b>Husband dies; the Husband and Wife continue to be co-owners of the irrevocable trust with Child 1, Child 2, and Child 3 as beneficiaries.</span> </p> <div > <p tabindex="0"> <span><strong>Coverage Calculation</strong></span><br> Coverage for the Husband and Wife’s trust would be determined as follows: <br> </p> <p tabindex="0"> <strong>(2 owners: Husband and Wife) x (3 beneficiaries: Child 1, Child 2, and Child 3) x $250,000 = $1,500,000 </strong> </p> <p tabindex="0"> <a name="bhelp"></a> <span><strong>How to enter using EDIE</strong></span><br> User should enter the account into EDIE by choosing "Irrevocable Trust" as the Ownership Type. Husband and Wife, should be entered as the co-owners. Wife should be entered and marked as "living". Husband should be entered separately and marked as "not living". Beneficiaries Child 1, Child 2, and Child 3 should be added to this trust account and marked as "living". </p> <p tabindex="0"> Enter <b>Account Nickname</b> (e.g. CD) and the <b>Account Balance</b>. Click <b>Add to Report</b> then click <b>Calculate Coverage</b> </p> </div> <p > <a name="bhelp"></a> <span tabindex="0" class="boldgreen" style="color:#003256;font-size:17px;"><strong>After Both Spouse's Deaths</strong><br /></span><br /> <span tabindex="0"><b>Example 3: </b>Husband and Wife have both passed away.</span> </p> <div > <p tabindex="0"> <span ><strong>Coverage Calculation</strong></span><br> Husband and Wife are still considered co-owners of the irrevocable trust. <br> </p> <p tabindex="0"> Coverage for the irrevocable trust would be determined as follows: </p> <p tabindex="0"> <strong>(2 Owners: Husband and Wife) x (3 beneficiaries: Child 1, Child 2, and Child 3) x $250,000 = $1,500,000 </strong> </p> <p tabindex="0"> <a name="bhelp"></a> <span ><strong>How to enter using EDIE</strong></span><br> User should enter the account as an Irrevocable Trust with Husband and Wife as co-owners and both marked as "not living". Beneficiaries Child 1, Child 2, and Child 3 should all be added to this trust account and marked as "living". </p> <p tabindex="0"> Enter <b>Account Nickname</b> (e.g. CD) and the <b>Account Balance</b>. Click <b>Add to Report</b> then click <b>Calculate Coverage</b> </p> </div> </div> </div> </div> </div> </section> </main> <article class="order-2 desktop:order-3 desktop:grid-col-9 margin-x-2 desktop:margin-x-0 padding-top-0">  </article> <div id="div_fdic_standard_footer"></div> <script src="https://www.fdic.gov/apps/header-footer.js"></script> </body> </html>

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FDIC: Electronic Deposit Insurance Estimator (EDIE)