The characteristics of a totten trust include:

Question

Quizplus · Accepted Answer

A Tottem trust is a type of joint bank account which is established by the settlor of the trust. It is tentative, meaning that at any time before the depositor's death, he or she can change the beneficiary or disposition of the account funds. Transfer of ownership is complete only on the depositor's death, at which point the funds in the account will be distributed to the named beneficiary or beneficiaries. Therefore, all three options are characteristics of a Tottem trust.

The Characteristics of a Totten Trust Include