Totten Trust
A Totten Trust is a form of account ownership that allows the account balance to pass automatically to a designated beneficiary immediately upon the owner’s death. This type of account is often called an In-Trust-For or Payable-Upon-Death account (POD).
The account can be held individually or jointly with one or more other owners/trustees, such as a spouse. Account owners retain full ownership and use of the account during their lifetime.
Up to two beneficiaries can be designated. Beneficiary designation can be changed at any time. Beneficiaries do not need to know the account exists. Upon death of the account owner (or that of the last joint owner, if any) the remaining account balance will automatically pass to the designated beneficiaries.
Totten Trusts are federally insured by the National Credit Union Administration (NCUA) separately from any of your other individual accounts. All of the funds an owner has in Totten Trust Accounts are added together for insurance purposes. Each owner of a Totten Trust account may be entitled to insurance coverage up to $250,000 for each beneficiary designated in Totten Trust Accounts they own.
Effective Strategies for Saving
The following recommendations are designed to help you establish and or grow your personal savings.
- Pay Yourself First. When you pay your monthly bills, write a check to yourself, first and put it in your savings account.
- Don’t Borrow Additional Money to Pay off Debts or Bills
- Cut Expenses. Get this number by analyzing your budget and determining where reductions can be made (e.g., eating out, buying snacks and lunch at work, going to the movies, etc.). Once you have determined how much you plan to cut, use this “found” money to pay down the balances on your debts
- Optimize Your Monthly Payment. Pay the maximum amount towards your highest interest rate debts. Pay the minimum amount on all other debts.
- Ask for Reduced Interest Rates. Some creditors, especially credit card companies, will reduce your interest rates if you just call and ask. If you receive offers for other credits cards with lower interest rates in the mail, use those offers as leverage when you are renegotiating your rates with your current creditors.
- Set Goals and Priorities. Determine what’s important. When you prepare to buy something ask yourself if this purchase is in line with the priorities you have set and will it help you reach your goal or delay it.
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