The characteristics of a totten trust include:

Question

Quizplus · Accepted Answer

A totten trust, also known as a payable-on-death account, is indeed a type of tentative trust account created by a depositor who retains control over the funds during their lifetime, with the account passing to the beneficiary upon the depositor's death. This encompasses all the characteristics listed: it is often set up as a joint bank account by the settlor (A), it is considered tentative because the settlor can change beneficiaries or withdraw funds at any time (B), and the transfer of ownership to the beneficiary is complete only upon the depositor's death (C).

The Characteristics of a Totten Trust Include