Definitions for "Totten trust"
A bank account with a person named to receive the balance upon the death of the account holder. Upon the death of the account holder, the money transfers automatically to the beneficiary. Also referred to as P.O.D. account (payable on death).
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
a bank account, which the decedent opened in his name, as trustee for the beneficiary
Keywords:  tort, toxic
Toxic Tort