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TeachMeFinance.com - explain Totten trust account Totten trust account -- a trust account established without a written trust agreement. The trustee deposits his or her own money into the account. The trustee retains ownership of the account, but holds it in a revocable trust for a named beneficiary. Upon the death of the trustee/depositor, the balance in the account may be claimed by the beneficiary. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.