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 Hawaii, a Totten trust, also known as a Payable on Death (POD) account, is a type of bank account where the account owner designates a beneficiary to receive the funds remaining in the account upon the owner's death, bypassing the probate process. This means that the designated beneficiary will have a right to the account funds after the owner's death without the need for court intervention. The account owner retains full control over the funds during their lifetime and can change the beneficiary designation at any time before death. The beneficiary has no ownership interest in the account while the owner is alive. These accounts are a simple and effective estate planning tool to ensure that assets are transferred directly to a chosen beneficiary, and they are recognized under Hawaii law as a way to pass on assets outside of probate.