Accounts in the name of a living trust—often referred to as testamentary, payable on death or revocable trusts—are insured separately from any individual or jointly-owned funds of the owner(s). For the purposes of FDIC-insurance coverage, a beneficiary is defined as a living natural person, charity (valid under IRS rules), or non-profit organization (valid under IRS rules). Assuming all FDIC requirements are met, the funds are insured to $250,000 for each eligible beneficiary. See the following example.