Phrase guide
Definitions and examples are grouped by meaning. Pronunciation, history, word forms, translations, descendants, synonyms, antonyms, derived terms, and related words appear whenever the source provides them.
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noun
A form of trust created where one party (the settlor of the trust) places money in a bank account or security with instructions that, upon the settlor's death, whatever is in that account will pass to a named beneficiary.
Definition source: English Wiktionary via Wiktextract
Topics: law
No example sentence was provided for this meaning.
Synonyms: none provided
Antonyms: none provided
noun
a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary
Definition source: Princeton WordNet 3.0
No example sentence was provided for this meaning.
Synonyms: savings account trust, savings bank trust, trust account, trustee account
Antonyms: none provided
Broader terms: trust
History
Derived from Matter of Totten, 179 N.Y. 112 (1904), the case decided by the Court of Appeals of New York which established the legality of this practice.
