Totten trust

English

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.

Noun

Totten trust (plural Totten trusts)

  1. (law) 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.

Synonyms
  • Payable on Death account
  • poor man's will
  • tentative trust
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