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 Oklahoma, a Totten trust, commonly referred to as a Payable on Death (POD) account, is a convenient method for an account owner to pass on assets to a beneficiary without the need for probate proceedings. The account owner names a beneficiary who will receive the funds in the account upon the owner's death. This designation is revocable, meaning the account owner can change the beneficiary at any time before their death. The beneficiary has no rights to the funds while the account owner is alive. Oklahoma law recognizes POD accounts as a way to transfer assets directly to a beneficiary, thereby making them nonprobate assets. This means that the designated funds bypass the probate process, which can save time and expenses associated with court proceedings. The concept of a Totten trust originated from a New York court case in 1904, but the principles behind it have been widely adopted and are applicable in Oklahoma for the seamless transfer of assets upon death.