I'm having a living trust made now. The idea is it will be used as the beneificary on accounts from now on.
When I list a living trust as the beneficiary, does that count as one beneficiary for purposes of NCUA insurance, or is the extra coverage determined by how many beneficiaries in the trust?
In other words, if I list the trust as beneficiary, and it has, say, 10 beneficiaries in it, different beneficiaries getting different amounts, would that get me the amount of NCUA coverage as if I had listed 10 separate beneficiaries -- which would be the maximum NCUA coverage? (Not that I need the maximum, I'm just trying to figure out how it is done.)
I went to NCUA to find out, but using their calculator, they won't even allow me to list living trust, they want me to list each and every beneficiary in the trust. But surely I don't list 10 beneficiaries on a CD at a CU, I would list only one trust. In fact, I know I've seen some places that limit how many beneficiaries they will let you list.
I e-mailed the question to the NCUA Consumer Assistance Center, and they gave a non-response that they assist consumers only with disputes with credit unions, so they were of no help to this consumer.