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Totten trust

Index Totten trust

A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. [1]

14 relations: Bank account, Case citation, Court, Deposit insurance, Grant (law), Income trust, Lapse and anti-lapse, New York Court of Appeals, Probate, Purpose trust, Real property, Settlor, U.S. state, Will and testament.

Bank account

A bank account is a financial account maintained by a bank for a customer.

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Case citation

Case citation is a system used by legal professionals to identify past court case decisions, either in series of books called reporters or law reports, or in a neutral style that identifies a decision regardless of where it is reported.

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Court

A court is a tribunal, often as a government institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters in accordance with the rule of law.

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Deposit insurance

Explicit deposit insurance is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due.

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Grant (law)

A grant, in law, is a transfer of property, generally from a person or other entity giving the property (the grantor) to a person or entity receiving the property (the grantee).

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Income trust

An income trust is an investment that may hold equities, debt instruments, royalty interests or real properties.

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Lapse and anti-lapse

Lapse and anti-lapse are complementary concepts under the law of wills, which address the disposition of property that is willed to someone who dies before the testator (the writer of the will).

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New York Court of Appeals

The New York Court of Appeals is the highest court in the U.S. state of New York.

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Probate

Probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence of the deceased at time of death in the absence of a legal will.

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Purpose trust

A purpose trust is a type of trust which has no beneficiaries, but instead exists for advancing some non-charitable purpose of some kind.

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Real property

In English common law, real property, real estate, realty, or immovable property is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things.

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Settlor

In law a settlor is a person who settles property on trust law for the benefit of beneficiaries.

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U.S. state

A state is a constituent political entity of the United States.

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Will and testament

A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.

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Redirects here:

Arrangements for deposit accounts, Payable on Death (finance), Payable on death (finance), Tentative trust.

References

[1] https://en.wikipedia.org/wiki/Totten_trust

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