Asked by
Paige Anderson
on Dec 01, 2024
Verified
A totten trust may also be referred to as a savings account trust.
Totten Trust
A Totten Trust is a type of informal trust account created by depositing funds into a bank account with a beneficiary designated to receive the balance upon the depositor's death.
Savings Account Trust
A trust account set up at a bank or financial institution, where money is held under a trust agreement for the benefit of the beneficiaries.
- Apprehend the distinct forms of trusts and their consequential features.
Verified Answer
BS
Learning Objectives
- Apprehend the distinct forms of trusts and their consequential features.