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898:(Section 7.1 comment i) also recognize its validity. Such a device can be revoked at any time by the settlor, either by closing the account or by executing a will which disposes of the property in the account. The funds in the account can be reached by the creditors of the settlor during the settlor's life. If the intended beneficiary predeceases the settlor, then the gift will
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noted that such an arrangement typically involved a small amount of money left by a person of modest means, who could not otherwise afford to establish a legal mechanism for passing the specified property. For this reason, the device is sometimes called a "poor man's will". The funds in question are
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or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust arises when a bank account is titled in the form ", in trust for ".
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which established the legality of this practice. Although this method of creating a trust did not meet the formal requirements of trust creation, or the testamentary formalities required to make a valid
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in the same manner as any deposit. The beneficiary has no access to the account until the depositor's death and need not be notified that the account exists. This is also called a
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A Totten Trust is classified as a "testamentary substitute" because it avoids the need for the assets held in the account to go through probate.
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Totten trusts can be created only with certain types of depository accounts or securities; in particular they can
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More generally, Totten trusts are sometimes described as "Arrangements for deposit accounts."
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813:(also referred to as a "Payable on Death" account) is a form of
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87:. Unsourced material may be challenged and removed.
890:now recognize the validity of Totten trusts. The
874:because it is contingent upon the death of the
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817:in the United States in which one party (the
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50:Learn how and when to remove these messages
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227:Learn how and when to remove this message
209:Learn how and when to remove this message
147:Learn how and when to remove this message
172:This article includes a list of general
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866:and, if held in a bank account, are
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962:. You can help Knowledge (XXG) by
827:" of the trust) places money in a
178:it lacks sufficient corresponding
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878:or creator of the trust account.
31:This article has multiple issues.
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848:(1904), the case decided by the
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714:Advance directive (Living will)
613:Hague Convention (conflict law)
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39:or discuss these issues on the
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1019:Banking in the United States
491:Accumulation and maintenance
293:Joint wills and mutual wills
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896:Restatement 3d of Property
344:Incorporation by reference
850:New York Court of Appeals
840:The name is derived from
892:Restatement 3d of Trusts
620:Application in civil law
417:Satisfaction of legacies
1029:Legal terminology stubs
193:more precise citations.
693:Disclaimer of interest
498:Interest in possession
286:Legal history of wills
894:(Section 26) and the
636:Estate administration
554:Reversionary interest
359:Testamentary capacity
662:Power of appointment
627:Dishonest assistance
398:Lapse and anti-lapse
392:Property disposition
81:improve this article
882:Totten trusts today
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912:be used to convey
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137:September 2014
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98: –
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92:Find sources:
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70:This article
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1009:Property law
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846:179 N.Y. 112
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829:bank account
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811:Totten trust
810:
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766:Criminal law
729:Totten trust
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560:Testamentary
521:
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473:Common types
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466:Constructive
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267:Part of the
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79:Please help
74:verification
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33:Please help
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888:U.S. states
719:Blind trust
686:Advancement
674:Slayer rule
533:Spendthrift
522:Other types
191:introducing
1003:Categories
956:legal term
935:References
739:common law
528:Protective
505:Charitable
269:common law
174:references
107:newspapers
36:improve it
645:Intestacy
544:Remainder
515:Incentive
459:Resulting
410:Abatement
405:Ademption
317:Oral will
199:June 2011
42:talk page
923:See also
771:Evidence
759:Property
749:Contract
650:Testator
567:Honorary
324:Sections
876:settlor
868:insured
864:probate
825:grantor
820:settlor
655:Probate
510:Purpose
454:Express
352:Contest
305:Codicil
252:estates
187:improve
121:scholar
857:, the
836:Origin
737:Other
445:Trusts
271:series
247:trusts
176:, but
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954:This
900:lapse
886:Most
859:Court
815:trust
741:areas
378:Fraud
277:Wills
243:Wills
128:JSTOR
114:books
960:stub
855:will
823:or "
754:Tort
479:Bare
250:and
100:news
910:not
83:by
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809:A
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48:(
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