Definitions

from Wiktionary, Creative Commons Attribution/Share-Alike License

  • n. 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.

Etymologies

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. (Wiktionary)

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