Skip to content

Totten Trust: Will Substitutes

August 19, 2011

Definition

A Totten Trust is a bank account in which you name yourself trustee and hold the account in trust for one or more beneficiaries, but you retain the right to alter or revoke the trust until your death.
Prerequisites

  • You want to avoid the expense, delay, and disruption of probate
  • Totten Trusts are permitted in your state

Key Strengths

  • Avoids expense and delay of probate

Key Tradeoffs

  • Does not avoid estate taxes
  • Passes only contents of bank account outside of probate

Variations from State to State

  • Not available in all states

How Is It Implemented?

  • Open account

This material was prepared by Broadridge Investor Communication Solutions, Inc., and does not necessarily represent the views of The Retirement Group or FSC Financial Corp. This information should not be construed as investment advice. Neither the named Representatives nor Broker/Dealer gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. The publisher is not engaged in rendering legal, accounting or other professional services. If other expert assistance is needed, the reader is advised to engage the services of a competent professional. Please consult your Financial Advisor for further information or call 800-900-5867.

The Retirement Group is not affiliated with nor endorsed by fidelity.com, netbenefits.fidelity.com, hewitt.com, resources.hewitt.com,  access.att.com, ING Retirement, AT&T, Qwest, Chevron, Hughes, Northrop Grumman, Raytheon, ExxonMobil, Glaxosmithkline, Merck, Pfizer, Verizon, Bank of America, Alcatel-Lucent or by your employer. We are an independent financial advisory group that specializes in transition planning and lump sum distribution. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process.

The Retirement Group is a Registered Investment Advisor not affiliated with  FSC Securities and may be reached at www.theretirementgroup.com.

Sponsored Ad

Comments are closed.

%d bloggers like this: