It is a particular form of trust that is used in the United States. App. noun Law. With the extremely high funeral costs of today, you want to set money aside for funeral costs.However, there are those who still do not wish to pre-pay to a funeral home. Enter the … A Totten trust involves a bank savings account or security which is established by someone (known as the settlor or grantor) who is the named trustee for another person (the beneficiary ). Save or instantly send your ready documents. Most states now recognize the use of this type of trust. This type of account is often called an In-Trust-For or Payable-Upon-Death account (POD). Easily fill out PDF blank, edit, and sign them. If two or more beneficiaries are named and survive the death of all account holders, each beneficiary will own the account in equal shares. Later, state legislatures began enacting statutes authorizing and regulating these accounts, but calling them payable-on-death accounts instead of Totten trusts. This is a type of revocable Trust in which the gift is not completed until the grantor’s death or an unequivocal act reflecting the gift during the grantor’s lifetime. The beneficiary, relatives of the deceased person, or the estate executor will probably need to provide the bank with a copy of the death certificate. Unfortunately, the supreme court in Montgomery used the terms "savings account trust" and "Totten trust" interchangeably. Club Account. This will allow for an evenhanded program for all family members. Forms. The Totten trust earned its name from a landmark case in which the court found in favor of the named person on the account over the actual family of the deceased person. They are another tool in your estate planning toolkit and can help some of your assets avoid probate upon death. A Totten trust, also called a payable on death (POD) account, is a form of estate planning in the US. A Totten Trust is a form of account ownership that allows the account balance to pass automatically to a designated beneficiary immediately upon the owner's death. Inquire with your bank regarding what form needs to be filled out in order to set up this type of account. A POD or a Totten trust is a convenient way to transfer your savings or checking account to a selected beneficiary without the involvement of the court. It can be used as an alternative to a will and is therefore known as a type of will substitute. After the Totten decision, other states adopted the idea of Totten trusts. Trust_Agreement_2008.pdf Rev 12/08 NOTE: This form is not to be used for “Totten Trusts,” P.O.D. Totten trusts are essentially bank accounts with a named beneficiary. A Totten Trust is one that is created during the lifetime of the grantor by depositing money into an account at a financial institution in his or her name as the Trustee for another. designations, or accounts opened under the “Uniform Transfers to Minors Act.” Top: Enter the “Date” the Application and Agreement is being signed by the trustor(s)/trustee(s). It can be used as an alternative to a will and is therefore known as a type of will substitute. A Totten trust is a tentative trust, revocable at will, until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or declaration, such as delivery of the pass-book or notice to the beneficiary. 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