A Totten trust is a bank account in which the owner designates a beneficiary of the balance of the account (funds) that is payable on death (POD) of the account owner—also known as a POD account. POD accounts are widely used because they are an easy way to transfer assets at the death of the owner without going through probate proceedings—in other words, the beneficiary designation on the POD account makes the account a nonprobate asset, as it passes outside of probate.

The beneficiary designation made by a POD account owner is revocable and may be changed at any time before the death of the owner. The beneficiary designation confers no ownership interest in the account during the lifetime of the account owner.

The name Totten trust for what are now widely known as POD accounts came from a 1904 court case in New York in which the court approved the transfer of a bank account balance (through designation of a beneficiary) at the death of the owner. The court referred to the account with a beneficiary designation as a tentative trust—now known as a revocable trust.

In Connecticut, a Totten trust, also known as a payable on death (POD) account, is a convenient method for an account owner to pass on assets to a designated beneficiary without the need for probate proceedings. The account owner retains full control over the funds during their lifetime and can change the beneficiary at any time before their death. Upon the death of the account owner, the funds in the account are transferred directly to the beneficiary, bypassing the probate process. This type of account is recognized under Connecticut law as a nonprobate asset, meaning it does not become part of the decedent's probate estate. The beneficiary has no ownership interest in the account until the death of the owner, ensuring that the owner's rights over the account remain unaffected during their lifetime. The term 'Totten trust' originates from an early 20th-century New York court case, but the concept is widely used and accepted in various jurisdictions, including Connecticut.