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Simple English definitions for legal terms

tentative trust

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A quick definition of tentative trust:

Tentative trust: A type of bank account where the money goes to someone else after the person who opened the account dies. This is a good option because it's faster than going through a court process. The person who opened the account can also change or cancel it easily. It's sometimes called a Totten trust because of a court case in New York a long time ago.

A more thorough explanation:

Tentative trust, also known as a Totten trust, is a type of bank account where the assets in the account are transferred to a beneficiary after the account holder's death. This type of trust is often chosen because it allows for a quick transfer of assets to the beneficiary without having to go through a lengthy probate court process.

For example, let's say that John has a tentative trust bank account with $50,000 in it. He has named his daughter, Sarah, as the beneficiary of the account. If John were to pass away, the $50,000 in the account would be transferred directly to Sarah without having to go through probate court.

Tentative trusts are also easy to change or terminate by the account holder. This is different from other types of trusts, which can be more difficult to change or terminate.

The name "Totten trust" comes from a 1904 case in New York that allowed for this type of trust.

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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