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 account; (2) if there is an express revocation in writing made during the lifetime of the depositor; or (3) if the beneficiary dies.
Definition from Nolo’s Plain-English Law Dictionary
A bank account that's held in trust for a beneficiary, who inherits any money in the account when the account holder dies. Probate proceedings are not necessary to transfer the money. A Totten trust works just like a payable-on-death bank account.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:26 pm