Sentences with TOTTEN-TRUST

"A totten trust is a type of revocable trust that designates a beneficiary to receive the assets upon the death of the grantor."

"The totten trust is commonly used as a simple way to transfer property without the need for probate."

"The grantor can revoke or modify a totten trust at any time during their lifetime."

"The totten trust is also known as a payable-on-death (POD) account."

"Upon the death of the grantor, the totten trust becomes irrevocable and the beneficiary has the right to claim the assets."

"A totten trust can be created for various types of assets, including bank accounts, investment accounts, and real estate."

"The totten trust takes precedence over a will when it comes to the distribution of the designated assets."

"The beneficiary of a totten trust has no control or access to the assets until the death of the grantor."

"To create a totten trust, the grantor must simply complete a form at the financial institution holding the assets."

"The main advantage of a totten trust is its simplicity and avoidance of probate."

"A totten trust can be changed or revoked by the grantor at any time."

"The totten trust can be a valuable tool for leaving a legacy to loved ones."

"The assets in a totten trust are not subject to estate taxes upon the grantor's death."

"If the beneficiary of a totten trust dies before the grantor, the assets will pass to the contingent beneficiary."

"The totten trust is named after a court case involving a bank account holder named Totten."

"The grantor of a totten trust can have multiple beneficiaries."

"A totten trust is often used to leave funds for specific purposes, such as education or charitable donations."

"The rules and regulations regarding totten trusts may vary by jurisdiction."