Totten trust

A revocable trust created by one’s deposit of money, typically in a savings account, in the depositor’s name as trustee for another.

• A Totten trust is an early form of “pay on death” account, since it creates no interest in the beneficiary unless the account remained at the depositor’s death. Its name derives from the earliest decision in which the court approved the concept, even though the formalities of will execution were not satisfied: In re Totten, 71 N.E. 748 (N.Y. 1904). A Totten trust is commonly used to indicate a successor to the account without having to create a will, and thus it is a will substitute.

— Also termed tentative trust; bank-account trust; savings-account trust; savings-bank trust; trustee bank account. [Cases: Trusts 34(1). C.J.S. Trover and Conversion §§ 56–58.]


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