TN 31 (01-08)
A trust account is one that is set up between two individuals. The account title will
name the beneficiary “in trust for” or “trustee for” another individual, such as a
son or daughter.
Direct deposit to a trust account does not constitute assignment of benefits.
Approve a request for direct deposit to a trust account if:
The beneficiary is legally competent and capable (there is no representative payee),
There is no indication that the beneficiary is assigning benefits to the other individual.
Effective immediately, no direct deposit to a trust agreement will be approved. A trust agreement account is a formal agreement between the beneficiary
and an FI that describes how the FI will manage the beneficiary’s funds. It is often
in the name of the FI, not the beneficiary.
Totten trusts, SI
Transfer of Benefits to a Trust, GN 00602.075