Totten trust


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Related to Totten trust: spendthrift 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.
The family request that flowers be omitted and memorial contributions be made for the benefit of Zeli's children, Joseph & Lilly to the Garey D'Ambrosio Totten Trust, care of the Digital Federal Credit Union, 225 Shrewsbury Street, Worcester 01604.
For a totten trust, a person can deposit money into a bank account in his own name as trustee for another person.
Although the Totten trust and the life reservation allow a form of the future gift, both have a limited application.
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. This is also called a Payable on Death/Transfer on Death, or a Beneficiary Designation.
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.