A Totten Trust is a bank account in which you name yourself trustee and hold the account in trust for one or more beneficiaries, but you retain the right to alter or revoke the trust until your death.
- You want to avoid the expense, delay, and disruption of probate
- Totten Trusts are permitted in your state
- Avoids expense and delay of probate
- Does not avoid estate taxes
- Passes only contents of bank account outside of probate
Variations from State to State
- Not available in all states
How Is It Implemented?
- Open account
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