Definitions
There is 1 meaning of the phrase
Totten Trust.
Totten Trust - as a noun
A savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary
Synonyms (Exact Relations)
savings account trustsavings bank trusttrust accounttrustee accountExample Sentences
"A totten trust is a type of revocable trust that designates a beneficiary to receive the assets upon the death of the grantor."
"The totten trust is commonly used as a simple way to transfer property without the need for probate."
"The grantor can revoke or modify a totten trust at any time during their lifetime."
"The totten trust is also known as a payable-on-death (POD) account."
"Upon the death of the grantor, the totten trust becomes irrevocable and the beneficiary has the right to claim the assets."
