Yes, we believe an individual may name their personal trust as the beneficiary of their POD account.

The Illinois Trust and Payable on Death Accounts Act allows an individual to sign an agreement with a bank “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,” and “beneficiary” is defined to include a trust.

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 625/2(c) (“‘Beneficiary’ includes  a natural person who is living, a trust, a corporation, a charitable organization, or any other entity that maintains a lawful existence under the state or federal authority pursuant to which it was organized.”)