Will Substitutes

Question 1

To give property to a trust via will, what two things must be true?

Answer 1

Trust must be identified in will

Its terms must be set out in a written agreement

Question 2

What is a Totten Trust?

Answer 2

A bank account that a revocable during life by any manifestations of intent to revoke, including withdrawals.

Question 3

Is a Totten Trust reachable by creditors during testator’s life?

Answer 3

Yes

Question 4

Is a Totten Trust reachable by creditors after testator’s death?

Answer 4

Yes

Question 5

In PA, can a Totten trust be revoked by will?

Answer 5

No, must be separately revoked.

Question 6

What happens when the B of a Totten Trust predeceases the depositor?

Answer 6

Automatic revocation – becomes a normal bank acct.