Totten trust

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

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z