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 ?
(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.
A "Totten Trust" (145) is a deposit in a bank in the depositor's name "as trustee" or "in trust" for another person.
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.
The name "Totten Trust" (or as they are generally referred to as "in trust for" or "ITF" bank accounts) was derived from the case In re Totten, a New York case that led to the law as now practiced.
(5) Judge Irving Vann, an 1865 graduate, sat on the Court of Appeals from 1896 to 1912 and authored a number of significant opinions that influenced the development of the common law, including In Re Totten, which set forth the common law rules for what is today widely known as a "Totten Trust." (6)
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.
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.