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 West Virginia, 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. This arrangement allows the funds to bypass the probate process, making it a nonprobate asset. The account owner retains full control over the funds during their lifetime and can change or revoke the beneficiary designation at any time before death. The beneficiary has no ownership interest in the account until the owner passes away. The concept of a Totten trust originated from a New York court case in 1904, but it has since become a common estate planning tool in many states, including West Virginia, to ensure a smooth and direct transfer of assets to a designated beneficiary.