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Totten trust

   Also found in: Legal, Financial, Wikipedia 0.01 sec.
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Noun1.Totten trust - a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetimeTotten trust - a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary
savings account trust, savings bank trust, trust account, trustee account
trust - something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); "he is the beneficiary of a generous trust set up by his father"
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85) Although the Totten trust and the life reservation allow a form of the future gift, both have a limited application.
Past and future: attempts to prospectively alienate property by Tymoczko, Alexei / The Journal of High Technology Law
Fortunately, several years prior to their deaths, I had convinced my parents to retitle all of their investments and bank accounts with what is called a Totten Trust.
To probate or not to probate by Bower, Gerri Thieme / Countryside & Small Stock Journal
Another frequently used tool to simplify estate administration is the Totten trust, which is a joint bank or savings account with right of survivorship maintained under the owner's control (and, thus, revocable until death) that ultimately passes to a designated beneficiary independent of the decedent's will.
Determining whether lifetime gifts should be made in trust by Ellentuck, Albert B. / The Tax Adviser
 
 
 
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