Totten Trust

Totten Trust means:
a form of savings account at a bank or savings and loan association. A Totten trust is created by one person's deposit, in his or her own name, of money in trust for another. This is accomplished by registering the account as, for example, “John Doe in trust for Mary Doe.” A Totten trust may be used in estate planning to avoid probate. Former IRC (check if this IRC provision is current here) §676(a).