Tentative Trust Legal Meaning and Definition

Here is a simplified definition of the legal term Tentative Trust.

Tentative Trust (noun):

A tentative trust is a type of bank account set up by an individual (the depositor) who acts as a trustee. The beneficiary of this trust is usually someone else, other than the depositor. The trust comes into effect and the intended beneficiary receives access to the funds when the depositor passes away. This setup prevents potential misuse of the trust's funds after the depositor's death.