Related Definitions
What is a Totten Trust?
A type of informal trust created when a person names a beneficiary on a bank account, with the assets passing directly to the named beneficiary upon the account holder’s death, bypassing probate.
A form of informal trust created by a depositor (often a bank account holder) that allows them to name a beneficiary to receive the account’s funds upon the depositor’s death. Also known as a payable-on-death (POD) account, a Totten trust does not require formal trust documentation and avoids probate since the funds pass directly to the named beneficiary. The depositor retains control over the account during their lifetime.
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