Totten Trust

Learn about the definition for this legal term.

What is Totten Trust?

Money placed in a bank account with the instruction that upon the settler's death, whatever is in that bank account will pass to a named beneficiary. A Totten trust, in effect, purports to change ownership of the deposited funds to the designated beneficiaries upon the death of the settlor.

Further Reading

For more detailed information, see our related Wills Trusts And Estates terms:

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