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 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 ", in trust for ".
Read more about Totten Trust: Origin, Totten Trusts Today
Famous quotes containing the word trust:
“He who wants to persuade should put his trust not in the right argument, but in the right word. The power of sound has always been greater than the power of sense.”
—Joseph Conrad (1857–1924)