A more thorough explanation:

A Totten trust is a type of bank account where the depositor puts money in their own name "as trustee for" a specific beneficiary. This means that the beneficiary has a right to the money in the account when the depositor dies.

There are three ways a Totten trust can be revoked:

1. The depositor withdraws all the money from the account.
2. The depositor writes a statement revoking the trust while they are still alive.
3. The beneficiary dies before the depositor.

The name "Totten trust" comes from a court case in New York in 1904 that allowed these types of trusts.

John opens a Totten trust bank account and names his daughter, Sarah, as the beneficiary. John puts $10,000 in the account. If John dies before Sarah, she will have the right to the $10,000 in the account. However, if Sarah dies before John, the trust is revoked and the money will go to John's estate.

This example illustrates how a Totten trust works. John is the depositor and Sarah is the beneficiary. The money in the account belongs to John while he is alive, but when he dies, it belongs to Sarah. If Sarah dies before John, the trust is revoked and the money goes to John's estate.