Definition of Totten trust account

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TeachMeFinance.com - explain Totten trust account



Totten trust account -- a trust account established without a written trust agreement. The trustee deposits his or her own money into the account. The trustee retains ownership of the account, but holds it in a revocable trust for a named beneficiary. Upon the death of the trustee/depositor, the balance in the account may be claimed by the beneficiary.



About the author

Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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