Totten trust
- A bank account established for a beneficiary, which directly gets passed to them when the account holder dies, eliminating the need for probate proceedings
- She formed a Totten trust to ensure her grandson inherited her savings directly upon her demise.
- He used a Totten trust to streamline the inheritance process of his estate.
- A Totten trust proved beneficial when they sought to bypass probate proceedings and easily pass on funds.
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