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Definition of Totten trust
1. Noun. 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.
Exact synonyms: Savings Account Trust, Savings Bank Trust, Trust Account, Trustee Account
Generic synonyms: Trust
Generic synonyms: Trust
Definition of Totten trust
1. Noun. (legal) 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. ¹
¹ Source: wiktionary.com
Lexicographical Neighbors of Totten Trust
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