Totten trust
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" 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. For example, a Totten trust arises when a bank account is titled in the form "[depositor], in trust for [beneficiary]".
| Wills, trusts and estates |
|---|
| Part of the common law series |
| Wills |
|
Sections Property disposition |
| Trusts |
|
Common types Other types
Governing doctrines |
| Estate administration |
| Related topics |
| Other common law areas |
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.