A savings bank account in the name of the depositor as trustee for another person is a

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A savings bank account in the name of the depositor as trustee for another person is a Totten trust. This type of trust is also known as a "payable-on-death" (POD) account, where the depositor sets aside funds for another person, but remains the legal owner of the account until their death. Upon the depositor's death, the funds are automatically transferred to the named beneficiary without the need for probate. Spendthrift trusts, spray trusts, and discretionary trusts are different types of trusts with their own unique characteristics and purposes.

A Savings Bank Account in the Name of the Depositor