Totten trust en · NOUN
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.
Meanings
- 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.
Forms
| Spelling | Features | Labels | Source |
|---|---|---|---|
| Totten trusts | Number=Plur | lexicographic |
Synonyms
Payable on Death account · tentative trust · poor man's will