Tentative trust

{
  "id": "MLC-T-LAW-004878",
  "term": "Tentative trust",
  "field": "Law",
  "definition": "A revocable trust created by a depositor for the benefit of another, typically established by depositing funds into a bank account in the depositor's name \"as trustee for\" the beneficiary. The depositor retains complete control over the funds during their lifetime and can withdraw them or change the beneficiary at any time. This type of trust, also known as a Totten trust, becomes irrevocable upon the depositor's death, with the remaining funds passing directly to the named beneficiary outside of probate.",
  "url": "https://mlchart.com/terminology/law/tentative-trust/"
}