Your question appears to be asking about POD accounts, and we are not aware of any specific titling requirements for POD accounts in Illinois law.

Under the Illinois POD Act, a POD account is formed when the account holder or holders sign an agreement with the institution providing that on the death of the last surviving account holder, the account will be paid to other persons. The law does not impose any requirements regarding the title of the POD account. However, we do think it would be advisable to reference the account’s POD status in its title in order to assist the bank, the account owners and the account beneficiaries in their recordkeeping.

We do not recommend including the words “trust” or “ITF” in a POD account title. POD accounts are separate and distinct from trust accounts, and the term “in trust for” implies the existence of a trust relationship.

For resources related to our guidance, please see:

• Illinois Trust and Payable on Death Accounts Act, 205 ILCS 625/4 (“If one or more persons opening or holding an account sign an agreement with the institution providing that on the death of the last surviving person designated as holder the account shall be paid to or held by one or more designated beneficiaries, the account, and any balance therein which exists from time to time, shall be held as a payment on death account and unless otherwise agreed in writing between the person or persons opening or holding the account and the institution . . . .”)

• Illinois Trust and Payable on Death Accounts Act, 205 ILCS 625/3 (“If one or more persons opening or holding an account sign an agreement with the institution providing that the account shall be held in the name of a person or persons designated as trustee or trustees for one or more designated beneficiaries, the account and any balance therein which exists from time to time shall be held as a trust account and unless otherwise agreed in writing between the person or persons opening or holding the account and the institution . . . .”)