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What Is a Totten trust? Definition, Uses and Importance.

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A bank account in your name for which you name a beneficiary. Upon the death of the named holder of the account the money transfers automatically to the beneficiary.

Depositing one’s own money in a bank account for the benefit of another person is known as a “donation.” For as long as the depositor is alive, a Totten trust is a tentative one that can be revoked by a clear act or declaration, such as the handover of the passbook or notice to the beneficiary. There is a presumption that an absolute trust was constituted as to the balance on hand at the death of the depositor if the depositor dies before the beneficiary without revocation or some firm act or declaration of disaffirmance

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