The interest of a beneficiary in a valid irrevocable trust, is insured up to $200,000 separately from the individual accounts of the settlor, the trustee or other beneficiaries. However, all trust interests created by the same settlor (grantor) in the same institution for the same beneficiary will be added together and insured in the aggregate up to a maximum of $200,000.
Frequently Asked Questions
- How does the closing of an institution affect interest accruing on a deposit?
- What is a Liquidator’s certificate?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- What happens if a depositor expects to be paid an amount that is different from what the DIC pays?
Did You Know?
- Misconception: Establishing more than one joint account in the same institution with the same names increases insurance coverage. - Fact: All joint accounts with the same names, notwithstanding alterations to the sequence of names, are added together and insured up to a maximum of TT$200,000.
