Totten trust
Totten trust see trust

Merriam-Webster’s Dictionary of Law. . 1996.

Totten trust
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.
Category: Wills, Trusts & Estates → Estates, Executors & Probate Court
Category: Wills, Trusts & Estates → Living Trusts & Avoiding Probate

Nolo’s Plain-English Law Dictionary. . 2009.


Totten trust
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.

Dictionary from West's Encyclopedia of American Law. 2005.


totten trust
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.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

Look at other dictionaries:

  • Totten trust — A Totten trust (also referred to as a Payable on Death account) is 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… …   Wikipedia

  • Totten trust — 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 • Syn: ↑savings account trust, ↑savings …   Useful english dictionary

  • Totten trust — noun 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 settlors death, whatever is in that account will pass to a named beneficiary. Syn: Payable on Death …   Wiktionary

  • Totten Trust — A trust created by a bank deposit made by one person of his own money in his own name as trustee for another, such being a tentative trust merely, revocable at will, until the depositor dies or completes the gift in his lifetime by some… …   Ballentine's law dictionary

  • Totten trust — /tot n/, Law. a trust created by opening a savings account in which the depositor is trustee for another, such trust being revocable at any time during the depositor s lifetime. * * * …   Universalium

  • trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… …   Law dictionary

  • Totten — may refer to:* Alex Totten, Scottish football player and manager * Charles Adelle Lewis Totten, (1851–1908), an American military officer, a professor of military tactics, a prolific writer, and an influential early advocate of British Israelism… …   Wikipedia

  • trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… …   Black's law dictionary

  • trust account — 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 • Syn: ↑savings account trust, ↑savings …   Useful english dictionary

  • Discretionary trust — Wills, trusts and estates …   Wikipedia

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