Totten trust

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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
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"
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
Totten Trusts: Since the Courts Created the Device, the Courts Can Subject It to the Spousal Elective Share B.
You don't need to pay an attorney to create these trusts, which may be known as "Totten trusts," "payable on death" accounts, or "in trust for" accounts.
Totten trusts, payable on death (POD) accounts, and transferrable on death (TOD) accounts are available in most states.
(114) Modern data transmission, in any of its forms, is extremely accessible to the lay person and therefore provides a benefit that is not necessarily present in Totten trusts or in complicated legal property transfers.
A trust offers many advantages over outright gifts, custodian gifts to minors, and Totten Trusts. For probably that reason, the trust is the most frequently used device when a series of annual gifts is contemplated.