Totten trust
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English
[edit]Etymology
[edit]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.
Noun
[edit]Totten trust (plural Totten trusts)
- (law) 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.