totten trust (Meaning)
totten trust (n)
a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary
Synonyms & Antonyms of totten trust
No Synonyms and anytonyms found
totten trust Sentence Examples
- The Totten trust empowers individuals to create a revocable savings account with third-party beneficiary designations.
- Totten trusts are named after the landmark case that established their legality, "In re Totten."
- Totten trusts allow creators to retain control over their funds while ensuring their assets pass to designated beneficiaries upon death.
- The Totten trust agreement can be easily created by naming the beneficiary on a bank account.
- Totten trusts provide flexibility by allowing creators to change beneficiaries or withdraw funds at any time.
- Unlike a will, a Totten trust takes effect immediately upon creation, avoiding probate proceedings.
- Totten trusts are ideal for small estates and situations where quick asset transfer is desired.
- It's important to consult with an attorney to ensure the Totten trust is drafted in accordance with state laws.
- Totten trusts can help minimize estate taxes and ensure the intentions of the creator are fulfilled.
- Totten trusts provide peace of mind by ensuring smooth wealth distribution upon the creator's passing.
FAQs About the word totten trust
a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is pa
No synonyms found.
No antonyms found.
The Totten trust empowers individuals to create a revocable savings account with third-party beneficiary designations.
Totten trusts are named after the landmark case that established their legality, "In re Totten."
Totten trusts allow creators to retain control over their funds while ensuring their assets pass to designated beneficiaries upon death.
The Totten trust agreement can be easily created by naming the beneficiary on a bank account.
