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#2165914 - 02/26/18 09:21 PM POD vs. Totten Trust (ITF)
MelW Offline
New Poster
Joined: Jul 2017
Posts: 1
Can someone tell me what the difference is between the two and which one is more commonly used? I had never heard of ITF until recently and I have been in banking for 12 years. There is some confusion about which one allows for the funds in an account to just be split between the remaining beneficiaries and which one requires the funds to go to a deceased beneficiaries children in the case that a beneficiary should pass away before the account owner.

Thanks for your help!

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#2165980 - 02/27/18 03:50 PM Re: POD vs. Totten Trust (ITF) MelW
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,096
Bloomington, IN
This is a legal issue and should be addressed with your bank's attorney.
The opinions expressed are mine and they are not to be taken as legal advice.

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#2166394 - 03/01/18 07:49 PM Re: POD vs. Totten Trust (ITF) MelW
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
The Indiana Bankers Assn sponsors programs on opening deposit accounts according to Indiana law. I'm pretty sure you will find that there is no form of ownership that would require a bank to chase down a decedent's heirs...
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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