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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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HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
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i just wanna rock
glovediedthisishismom
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bodyadaya
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let it rock
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How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
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Cornell
14:19
@HopefullyinLawSchool What's YM?
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oh no
HopefullyInLawSchool
14:19
you mom
WorthlessAttractiveZombie
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Ouch
HopefullyInLawSchool
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your*
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I fear I realized too late
babycat
14:20
another victim claimed
concorde
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pwned
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Might have to send in addendums for that
Dkk
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No wave, so sad.
WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
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boooooo
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