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What is the difference between a totten trust and a payable on death account?
Wiki User
∙ 13y ago
A Totten Trust is not really a trust at all. It is a mechanism for leaving people an inheritance first recognized in the New York case of Matter of Totten, 179 N.Y. 112 (1904) in the Court of Appeals of New York.
There is no difference. A Pay On Death account is what you call a Totten Trust outside New York, or, if you are a banker and not a lawyer. It is the mechanism used when a person places money or securities on deposit and names a beneficiary for the account. The creator has full control over the account until death.
Wiki User
∙ 13y ago
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