The FDIC recently approved a rule to change how it calculates the amount of insurance is available for bank accounts held in trusts.  Effective 4/1/2024, a trust account will be insured up to $250,000 per beneficiary, not to exceed five, regardless whether the trust is revocable or irrevocable or how the trust allocates inheritance among beneficiaries. 

For example, a joint living trust for a married couple with 2 children might qualify for up to $1,000,000 of FDIC deposit insurance.  But a joint living trust for a married couple with 5 children would only qualify up to $1,250,000. 

The new rule is intended to simplify the calculation of an insurance pay-out in the event of a bank failure, which I do believe it accomplishes. 

A revised 2022 edition of the Arizona Estate Administration Answer Book was recently published by Barnes & Noble Press.

Practical Answers to Common Questions for Any Size Estate in Arizona

The Arizona Estate Administration Answer Book is your best resource for understanding practical issues that commonly arise when responding to the death of an Arizona resident or property owner.  Each chapter provides advice and explanations to help you wade through the complex, and often bizarre, legal requirements associated with estate and trust law in Arizona.  Written in easy-to-read question and answer format, the Arizona Estate Administration Answer Book covers a comprehensive list of legal and non-legal matters including: 

• What if the will was signed in another state?
• Who is entitled to information about the deceased person’s assets?
• When is a probate action required?
• What debts are the survivors responsible for?
• What if the property owner was not an Arizona resident?
• Will the State take the home if the deceased person was on ALTCS?

The 2022 edition is now available for instant PDF download from this website for $20.

The 2022 edition print book is now available from Barnes & Noble Press for $25.