totten-trust

Totten trust

[tot-n]
noun Law.
a trust created by opening a savings account in which the depositor is trustee for another, such trust being revocable at any time during the depositor's lifetime.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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WordNet
totten trust

noun
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 [syn: savings account trust
WordNet® 3.0, © 2006 by Princeton University.
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