A certificate of deposit account can be designated as a Totten trust account (the common name for an "in trust for" account) or as a Payable on Death account (in states that have adopted that form of account designation). In either case, the goal is to transfer ownership of the account to the named beneficiary on the death of the owner or last surviving joint owner of the account.
Published on BankingQuestions.com 3/27/08
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A certificate of deposit account can be designated as a 