Totten trust

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Related to Totten trust: spendthrift trust
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  • noun

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 ?
The Totten trust itself is a judicial creation, limiting the effect of statutory provisions for the disposition of property by will.
67) In the Totten trust cases, the fact that a Totten trust is a judicial creation has caused confusion by the court in evaluating the issue.
Totten trusts, payable on death (POD) accounts, and transferrable on death (TOD) accounts are available in most states.
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.
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.
The Totten Trust is generally established by a parent or grandparent for the benefit of a minor.
a) Totten trust accounts and joint bank accounts with rights of survivorship, and joint tenancies with rights of survivorship are testamentary substitutes whether created before or after the decedent's marriage.