Totten Trust

A type of revocable trustA trust which can be modified or terminated by the settlor at any time during the settlor’s lifetime. created when a grantorA person who conveys an asset to another. deposits money into a bank account with written instructions that upon the grantor’s death, whatever money remains in the account passes automatically to a named beneficiaryA person for whom property is held, e.g., in a trust, or who is to receive something as a result of a legal instrument, e.g., a will or insurance policy..