When a person deposits money in a bank account in his or her own name and holds it as trustee for the benefit of his or her child,what kind of trust has been created?

Question

Quizplus · Accepted Answer

A totten trust, also known as a bank account trust or a payable-on-death account, is created when a person deposits money in a bank account in his or her own name but designates a beneficiary who will receive the funds upon the person's death. In this situation, the person is holding the money in trust for the benefit of his or her child, and the child will receive the funds upon the person's death. Therefore, a totten trust has been created.

When a Person Deposits Money in a Bank Account in His