Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
Can the beneficiary of a payable on death (POD) account be a trust? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Can the beneficiary of a payable on death (POD) account be a trust?

—

by

Yes, a trust can be the beneficiary of a payable on death account. The Illinois Trust and Payable on Death Accounts Act was amended in 2010 to define the term “beneficiary.” Public Act 96-1151. As defined in the act, the term “beneficiary” includes a trust, among other entities. 205 ILCS 625/2.