MLchartDataset catalogue

Totten trust

Term · Law · MLC-T-LAW-004943

A revocable trust created by depositing money in a bank account in the depositor's name as trustee for a named beneficiary. This type of trust allows the depositor to retain full control over the funds during their lifetime. Upon the depositor's death, the funds pass directly to the beneficiary, avoiding probate.

Table 1. Record
IdentifierMLC-T-LAW-004943
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-004943",
  "term": "Totten trust",
  "field": "Law",
  "definition": "A revocable trust created by depositing money in a bank account in the depositor's name as trustee for a named beneficiary. This type of trust allows the depositor to retain full control over the funds during their lifetime. Upon the depositor's death, the funds pass directly to the beneficiary, avoiding probate.",
  "url": "https://mlchart.com/terminology/law/totten-trust/"
}

Record 5,050 of 5,441 in Law terminology (MLC-0107). Request the full dataset.