TTEE is an abbreviation for "trustee." The trustee on a trust or on a deposit account controls the assets in the trust or the funds in the account. If a formal trust is involved, the terms of the trust document (the Declaration of Trust) control how the trustee is supposed to manage the trust's assets, and determine what happens when specified events -- such as the death of a trustee -- occur.|
If there is no formal trust and funds are held in a deposit account that is labeled as a trust account, the trustee is normally considered the owner of the account, and the beneficiary of the trust obtains ownership rights only on the trustee's death. Before the trustee's death, the designation of the beneficiary -- indeed, the designation of the account as a trust account -- can be revoked or changed by the trustee.
Published on BankingQuestions.com 8/07/08