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Totten Trust

Totten Trust

Totten Trust (noun): a form of trust where the Grantor places money in a bank account or security with instructions that upon the Grantor’s death, whatever is in that account will pass to a named Beneficiary. These Trusts provide a way to transfer money at death without Probate Court proceedings.

Words commonly used with this term include:

  • Trust
  • Estate
  • Beneficiary
  • Grantor

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