"Your Insured Funds" NCUA brochure - North Island Credit Union

For example: A father has a payable on death
account naming his son and daughter as equal
beneficiaries and he also has a living trust account
naming the same beneficiaries. In this case, the
funds in both the payable on death account and
living trust account would be added together and
the total insured up to $500,000 ($250,000 per
owner per beneficiary).
Note: Irrevocable trusts that are created
upon the death of a revocable trust account
owner will connue to be insured under the
revocable trust rules.
D. ACCOUNTS HELD BY
EXECUTORS OR
ADMINISTRATORS
All funds belonging to a decedent and invested
in one or more accounts, whether held in the
name of the decedent or in the name of his
executor or administrator, are added together
and insured to the $250,000 standard maximum.
Such funds are insured separately from the
individual accounts of any of the beneficiaries
of the estate or of the executor or administrator.
Example 1
Queson: Member A, administrator of Member
D’s estate, sells D’s automobile and invests the
proceeds of $12,500 in an account entled
“Administrator of the estate of D.” A has an
individual account in that same credit union
containing $250,000. Prior to his death, D had
opened an individual account of $250,000. What
is the insurance coverage
Answer: The $12,500 is added to D’s individual
account and insured to $250,000, leaving $12,500
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