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"
References in periodicals archive ?
57) The court held that a Totten trust is real and not illusory, and the Totten trusts created by decedent were not included in the amount subject to the spouse's right of election.
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.