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Totten trust

DEFINITIONS OF: Totten trust

1

n 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

Synonyms:
savings account trust, savings bank trust, trust account, trustee account
Type of:
trust
something (as property) held by one party (the trustee) for the benefit of another (the beneficiary)
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