Rates Current as of Tuesday February 07, 2012

Totten Trust

A deposit account designated by its owner to be held “in trust for” a named beneficiary. The designation is completely revocable, and the funds remain the property of the account owner until the owner’s death. If the “in trust for” designation remains at the owner’s death, the account operates much like a “payable on death” account: it becomes payable to the named beneficiary without becoming part of the decedent’s estate.

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