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Two spouses co-own a money market account. Each spouse also has a lifetime revocable trust. They would like to name both trusts as the payable on death beneficiaries of the money market account. Is that permissible? – IBA Compliance Connection

Two spouses co-own a money market account. Each spouse also has a lifetime revocable trust. They would like to name both trusts as the payable on death beneficiaries of the money market account. Is that permissible?

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Yes, Illinois law permits accountholders to select a trust as a beneficiary for a payable on death account, and it is possible to identify more than one beneficiary.

For resources related to our guidance, please see:

  • Illinois Trust and Payable on Death Accounts Act, 205 ILCS 625/2 (“‘Beneficiary’ includes a natural person who is living, a trust . . . .”)
  • Illinois Trust and Payable on Death Accounts Act, 205 ILCS 625/4 (“Upon the death of the last surviving holder of the account, the beneficiary designated to be the owner of the account . . . that maintains a lawful existence . . . shall be the sole owner of the account, unless more than one beneficiary is so designated and then living or in existence, in which case those beneficiaries shall hold the account in equal shares as tenants in common with no right of survivorship as between those beneficiaries. . . .”)