No, we do not recommend including the words “trustee” or “trust” in a POD account title. We are not aware of any specific titling requirements for POD accounts in Illinois law. However, POD accounts are separate and distinct from trust accounts, and the term “trustee” 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 (“Payable on Death Account Incidents. 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   . . . .”)

• Illinois Trust and Payable on Death Accounts Act, 205 ILCS 625/3 (“Trust Account Incidents. 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 . . . .”)