a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary
English language
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totten trust::noun | Spocien Dictionary
| Type | Words |
|---|---|
| Synonyms | savings account trust, savings bank trust, trust account, trustee account |
| Type of | trust |
Examples of totten trust
totten trust
Totten trusts can be canceled by the account holder who creates the trust.
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