What does totten trust mean?
Definitions for totten trust
tot·ten trust
This dictionary definitions page includes all the possible meanings, example usage and translations of the word totten trust.
Princeton's WordNet
savings account trust, savings bank trust, trust account, trustee account, Totten trustnoun
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
Wiktionary
Totten trustnoun
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.
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.
ChatGPT
totten trust
A Totten trust, also known as a payable-on-death (POD) account, is a type of revocable trust in which the trustee (typically a bank) holds funds for the benefit of a specific beneficiary, who will receive the funds upon the death of the trust's creator or grantor. It serves as a way to pass on funds without going through the probate process. The grantor maintains control over the funds, including the ability to change the beneficiary or close the account, during their lifetime.
Wikidata
Totten trust
A Totten trust is a form of trust in the United States in which one party 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. For example, a Totten trust arises when a bank account is titled in the form "[depositor], in trust for [beneficiary]".
Matched Categories
Numerology
Chaldean Numerology
The numerical value of totten trust in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of totten trust in Pythagorean Numerology is: 3
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"totten trust." Definitions.net. STANDS4 LLC, 2024. Web. 29 Apr. 2024. <https://www.definitions.net/definition/totten+trust>.
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