--- title: What is a Totten Trust? description: You do not need an estate attorney to set up a Totten trust; in fact, Totten trusts came into being as a way for people of modest means to leave money to a beneficiary without going through the expense of preparing a formal will. image: https://go.hfcu.org/hubfs/Totten%20trust%202.png --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - 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[Medical (1)](https://go.hfcu.org/blog/topic/medical) - [Pets (1)](https://go.hfcu.org/blog/topic/pets) - [dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # What is a Totten Trust? ** [Hanscom Federal Credit Union](https://go.hfcu.org/blog/author/hanscom-federal-credit-union) ** May 02, 2018 ![Totten trust 2](https://go.hfcu.org/hubfs/Totten%20trust%202.png) A Totten trust is the same thing as a payable-on-death account, a type of informal revocable trust in the form of a deposit account at a financial institution. When you pass away, a Totten trust allows a person you name as beneficiary to claim the money without a probate court proceeding. You do not need an estate attorney to set one up; in fact, Totten trusts came into being as a way for people of modest means to leave money to a beneficiary without going through the expense of preparing a formal will. All a Totten trust requires is filling out a form at the credit union, specifying a beneficiary, and then signing the form. The credit union will keep the signed form on file. While you’re alive, you won’t notice any difference between your Totten trust account and any other deposit account you have with Hanscom FCU. Worried that your beneficiary will be able to drop by the credit union and withdraw funds without your knowing, or that you’ll lose your money if your beneficiary has to file bankruptcy or gets sued? No worries… that money is all yours to save (or spend) as you’d like while you’re alive. Your beneficiary has no rights to it until you’ve passed away. In fact, at any time you can change your beneficiary; that’s why it’s called a revocable trust. But keep in mind this also means the account is *your* asset, so it’s fair game in your divorce, bankruptcy, or collection action. When you pass away, all your beneficiary has to do is show up at the credit union with a copy of your certified death certificate and their own government-issued photo id. The funds in the account will then be released to them. You will need to let your loved one know that you’ve named them as a beneficiary of your Totten trust account held at Hanscom FCU because the credit union will not automatically inform them upon your passing. If you’ve got individual share or share deposit accounts at Hanscom FCU, drop by and speak with one of our Member Service Representatives about putting a beneficiary on these accounts via a Totten trust.   *Our [Family Survivorship Guide](https://go.hfcu.org/survivorship?_ga=2.174904484.72775875.1592242328-1376238094.1570043984) will help steer you through some of the uncertainties around putting your loved one’s financial affairs in order. Some of the topics covered include settling accounts, documentation you'll need, how to establish an estate account, and more. Download your free copy [here](https://go.hfcu.org/survivorship).* [![A Guide to Family Survivorship by Hanscom Federal Credit Union](https://no-cache.hubspot.com/cta/default/118438/f4dd2ce2-6179-425c-ad0c-9890f7249c65.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/f4dd2ce2-6179-425c-ad0c-9890f7249c65) ** [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance), [Life Changes](https://go.hfcu.org/blog/topic/life-changes) [** 10 smart moves to make after filing your taxes ](https://go.hfcu.org/blog/10-smart-moves-to-make-after-filing-your-taxes) [** Should you pay for travel insurance? ](https://go.hfcu.org/blog/should-you-pay-for-travel-insurance) ### About Author ![Hanscom Federal Credit Union](https://go.hfcu.org/hubfs/HFCU-Profile-1000x1000.jpg) Hanscom Federal Credit Union Hanscom Federal Credit Union, a purpose-driven $1.9 billion organization based in Littleton, MA, empowers its members to achieve financial wellness. Hanscom FCU serves over 95,000 members across the country and overseas through 16 branches, over 100,000 surcharge-free ATMs, 5,000 contact centers, and a web-based branch. 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Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. 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The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Hanscom Federal Credit Union" }, "dateModified" : "October 9, 2020, 6:03:55 PM", "datePublished" : "2018-05-02 14:22:44", "description" : "You do not need an estate attorney to set up a Totten trust; in fact, Totten trusts came into being as a way for people of modest means to leave money to a beneficiary without going through the expense of preparing a formal will.", "headline" : "What is a Totten Trust?", "image" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Totten%20trust%202.png" }, "mainEntityOfPage" : { "@id" : "https://go.hfcu.org/blog/what-is-a-totten-trust", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Logo%202.jpg" }, "name" : "Hanscom Federal Credit Union" } } ```