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Synonyms for Totten trust
a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime
References in periodicals archive
However, in view of the widespread use of Totten trusts in the area of testamentary disposition, we do not feel free to adopt the Restatement rule without first giving the legislature an opportunity to provide for it by statute as was done in Pennsylvania.
Lawrence, (61) decedent established two Totten trusts in favor of his children from his first marriage.
If the person dies without having revoked the totten trust
provision, the donee receives the bank account.
Although the Totten trust and the life reservation allow a form of the future gift, both have a limited application.
More sophisticated parties may make future transfers with vehicles such as the Totten trust or the life reservation with remainder, which although relatively accessible are still limited.
The Totten Trust
is generally established by a parent or grandparent for the benefit of a minor.