English Explanatory Dictionary

Totten trust

English dictionary entry

Meanings

noun
  1. A form of trust created where one party (the settlor of the trust) places money in a bank account or security with instructions that, upon the settlor's death, whatever is in that account will pass to a named beneficiary.

Word forms

Totten trust Totten trusts

Etymology

Derived from Matter of Totten, 179 N.Y. 112 (1904), the case decided by the Court of Appeals of New York which established the legality of this practice.

Synonyms

Payable on Death account poor man's will tentative trust
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