FDIC Insurance Coverage for Trusts
Most folks know that cash accounts in banks are insured up to $100,000, per individual, per bank, by the Federal Deposit Insurance Corporation. Trusts, of course, can own bank accounts, but often have multiple beneficiaries. Recognizing this, the FDIC has issued guidelines so that one can calculate the amount of insurance coverage available for trust-owned accounts.
After selling my husbands"assets" and puttingthese in an estate checking account, can I be the person responsible(as administrator) for determining which creditors to pay? As always your help is greatly appreciated.
ANSWER: You must folow the requirements of state law. If you are unsure of the requirements, I suggest that you hire an attorney to assist you. Failure to follow the law could mean that you end up personally liable to some creditors.