A totten trust involves a bank account opened by the settlor of the trust.

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julineth belen · Accepted Answer

Final Answer : True, Explanation :  A totten trust, also known as a payable-on-death (POD) or informal trust, is created when a settlor opens a bank account and designates a beneficiary to receive the funds in the account upon their death. The bank account is still in the name of the settlor, but the beneficiary has a right to the funds when the settlor passes away.

A totten trust involves a bank account opened by the settlor of the trust.

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