A Totten trust is a bank account in the depositor’s name “as trustee for” a named beneficiary. A Totten trust can be revoked by: (1) the withdrawal of all money from the bank account; (2) if there is an express revocation in writing made during the lifetime of the depositor; or (3) if the beneficiary dies. A tentative trust was given the name “Totten trust” after a 1904 case in New York which allowed the controversial trusts.
See also: tentative trust
[Last updated in October of 2021 by the Wex Definitions Team]