Definition of testamentary account

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TeachMeFinance.com - explain testamentary account



testamentary account -- deposited funds owned and controlled by an individual and invested in a revocable trust account, tentative or Totten trust account, payable-on-death account, or a similar account for which there is evidence of the intention that deposited funds will be paid to a named party at the time of the account owner's death.


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