A type of trust that permits the trustee to deposit assets into an account and maintain control over those items despite having a written trust in place. This is an affordable way for a trustee to designate funds for a beneficiary without hiring an attorney to draft a formal agreement.The trustee names a beneficiary for the account and at the time of death, the beneficiary may claim all the assets included in the account.
Related information about totten trust:
- Totten trust - Wikipedia, the free encyclopedia
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor of the trust) places money in ...
- Totten Trust - Legal Dictionary - The Free Dictionary
An arrangement created by a person depositing his or her own money in his or her own name in a bank account for the benefit of another. A Totten trust is a ...
- What is a Totten Trust? | Estate Planner
Mar 14, 2011 ... The Totten trust is actually a trust in name only. In actuality, a Totten trust does not involve a trust document or trust instrument. The Totten trust ...
- What Is a Totten Trust? - Attorneys.com
A Totten trust is often called an account that is "payable on death." The trust is also depicted as an "arrangement for deposit accounts." It is a particular form of ...
- Ask the Expert: Pros, cons of Totten trust
Apr 20, 2012 ... What is a Totten trust? What are the advantages or disadvantages of having a Totten trust at a bank with an adult child named as beneficiary?
- What is a Totten Trust?
A Totten trust, also called a payable on death (POD) account, is a form of estate planning in the US. It can be used as an alternative to a will and is therefore ...
- Totten trust | LII / Legal Information Institute
A bank account in the depositor's name “as trustee for” a named beneficiary. A totten trust can be revoked by: (1) the withdrawal of all money from the bank ...
- Totten Trust Designation Form (PDF, 243 KB) - Cefcu
Use this form to add beneficiaries to your Totten Trust account. ... Totten Trust account, you must (1) first complete a Totten Trust Revocation to revoke all current ...