What Is Partitioning

question 32

Essay

What is partitioning?

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Definitions:

Totten Trust

is a type of revocable trust created by depositing funds into a bank account with a designated beneficiary upon the account holder's death.

Settlor

The person who creates a trust by transferring assets into the trust for the benefit of the trust's beneficiaries.

Joint Bank Account

A bank account held by two or more individuals, where each account holder has equal access and rights to the funds.

Remaindermen

Individuals who have a future interest in property after the end of a life estate or other particular interest.