From the Federal Deposit Insurance Corp. (FDIC):
Among the many reasons people put significant sums in FDIC-insured deposits is to keep that money safe — for themselves and for their heirs. While the FDIC doesn’t recommend particular financial products or strategies for achieving your estate-planning goals, we can describe different types of deposit accounts that can be used to pass funds on to heirs and explain how to make sure your money is fully insured if your bank fails.
Some of the most popular deposits for estate-planning purposes are “revocable trust accounts.” These trusts are called “revocable” because, unlike other types of trust accounts, the depositor has the right to change the terms of the inheritance or cancel the trust agreement entirely. Read more
