The Characteristics of a Totten Trust Include

question 63

Multiple Choice

The characteristics of a totten trust include:

• A) it is a joint bank account opened by the settlor of the trust.
• B) it is tentative.
• C) transfer of ownership is complete only on the depositor's death.
• D) These are all characteristics of a totten trust.

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Definitions:

Holistic Model

An approach or strategy that considers all parts of a whole to be interconnected and understanding that they must be analyzed together to fully comprehend the overall context.

Hub and Spoke

A model of distribution in which a centralized 'hub' exists (such as a website or main office) from which operations or information is directed out to smaller 'spokes' (local offices, satellite websites).

Organic Structure

An organizational form that is flexible and adaptive, characterized by low levels of formalization and high levels of decentralization.

Social Media Policy

Guidelines established by an organization to govern its members' or employees' use of social media platforms.