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
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“I confess that I have hitherto indulged very little in philanthropic enterprises.... While my townsmen and women are devoted in so many ways to the good of their fellows, I trust that one at least may be spared to other and less humane pursuits. You must have a genius for charity as well as for anything else. As for Doing-good, that is one of the professions which are full.”
—Henry David Thoreau (1817–1862)