Is a Totten Trust recognized in West Virginia and or Virginia?

Yes, both West Virginia and Virginia recognize Totten Trusts. While the specifics of how they are applied and enforced may vary slightly between the two states, the general framework for creating and understanding Totten Trusts remains consistent. These trusts, often also known as tentative or revocable trusts, provide a simple tool for individuals to set aside property or bank accounts during their lifetime for the eventual benefit of others. With their revocable nature, individuals retain control and use of the property during their lifetime and can revoke or change the disposition if desired. As of the information from September 2022.