Definitions
from Wiktionary, Creative Commons Attribution/Share-Alike License.
- noun law A form of
trust created where one party (thesettlor of the trust) placesmoney in abank account orsecurity with instructions that upon the settlor's death, whatever is in that account will pass to a namedbeneficiary .
Etymologies
from Wiktionary, Creative Commons Attribution/Share-Alike License
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.
Support
Help support Wordnik (and make this page ad-free) by adopting the word Totten trust.
Examples
Sorry, no example sentences found.
Comments
Log in or sign up to get involved in the conversation. It's quick and easy.