What Does "ITF" Mean in Banking?

"In Trust For" accounts are a method for someone to ensure that the funds in his bank account transfer to someone else with little difficulty if he passes away. The owner of the account retains control of the funds as long as he lives and is permitted to make changes at any point. Banks in some states prefer to use the "payable on death" designation, which also pays the balance of the account to one or more beneficiaries when the account owner passes away.