My brother owns an account in trust for me. Am I correct that if he dies, the account would be turned over to me?
In general terms, yes. In many states, this is the accepted method for setting up an account to be paid to the named beneficiary upon the owner's death. With such an account, there's no separate trust document.
The designation of the beneficiary is completely revocable. Your brother can change his mind at any time, and eliminate the "in trust for" designation, or change the beneficiary name. He could also use the money himself for any purpose. In other words, to end our answer on a lighter note, it might be a good idea to stay on good terms with him.
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In general terms, yes. In many states, this is the accepted method for setting up an account to be paid to the named 