{"jurisdiction": "us-ny", "code": "eptl", "section": "7-5.2", "citation": "EPTL § 7-5.2", "heading": "Terms of a trust account", "text": ["§ 7-5.2 Terms of a trust account", "The funds in a trust account, which shall include any dividends or interest thereon, shall be trust funds subject to the following terms:", "(1) The trust can be revoked, terminated or modified by the depositor during his lifetime only by means of, and to the extent of, withdrawals from or charges against the trust account made or authorized by the depositor or by a writing which specifically names the beneficiary and the financial institution. The writing shall be acknowledged or proved in the manner required to entitle conveyances of real property to be recorded, and shall be filed with the financial institution wherein the account is maintained.", "(2) A trust can be revoked, terminated or modified by the depositor's will only by means of, and to the extent of, an express direction concerning such trust account, which must be described in the will as being in trust for a named beneficiary in a named financial institution. Where the depositor has more than one trust account for a particular beneficiary in a particular financial institution, such a direction will affect all such accounts, unless the direction is limited to one or more accounts specifically identified by account number in addition to the foregoing requirements. A testamentary revocation, termination or modification under this paragraph can be effected by express words of revocation, termination or modification, or by a specific bequest of the trust account, or any part of it, to someone other than the beneficiary. A bequest of part of a trust account shall operate as a pro tanto revocation to the extent of the bequest.", "(3) If the depositor survives the beneficiary, the trust shall terminate and title to the funds shall continue in the depositor free and clear of the trust.", "(4) If the beneficiary survives the depositor, and the depositor's will contains no provision revoking, terminating or modifying the trust account under paragraph (2), the trust shall terminate and title to the funds shall vest in the beneficiary free and clear of the trust.", "(5) If the beneficiary survives the depositor and the depositor's will contains language sufficient under paragraph two of this section, to revoke, terminate or modify the trust, in whole or in part, that part of the trust which is affected shall terminate and title to the funds shall be subject to disposition by the depositor's will, free and clear of the trust."], "official_source": "https://www.nysenate.gov/legislation/laws/EPT/7-5.2", "from_official_api": true, "plain_english": "Money in a Totten trust account is held in trust on these terms, and only the listed methods can change it.\n- **(1)** During life, the depositor may revoke, end or modify the trust **only by withdrawals or charges** the depositor makes or authorizes, or by a **writing naming the beneficiary and the financial institution**, acknowledged or proved like a recordable deed and **filed with the institution**. ★\n- **(2)** A **will** can do so only by an **express direction** describing the account as in trust for a **named beneficiary** in a **named institution**. If the depositor has several such accounts for that beneficiary at that institution, the direction **affects all of them** unless limited to accounts identified **by account number**. It may be done by express words or by a **specific bequest of the account to someone other than the beneficiary**; a bequest of part is a **pro tanto revocation** to that extent. ★\n- **(3)** If the **depositor survives the beneficiary**, the trust ends and the depositor keeps the funds free of the trust.\n- **(4)** If the **beneficiary survives** and the will has no qualifying provision, the funds **vest in the beneficiary** free of the trust.\n- **(5)** If the beneficiary survives and the will validly revokes or modifies the trust in whole or part, the **affected part passes under the will**, free of the trust.", "in_force_on": "2026-05-31", "retrieved": "2026-09-27", "url": "https://elyphived.com/us-ny/eptl/7-5.2", "publisher": "Elyphived LLC"}