Totten trust

(redirected from Payable on Death (finance))
Also found in: Thesaurus, Legal, Financial.
ThesaurusAntonymsRelated WordsSynonymsLegend:
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
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"