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 Arizona, a Totten trust, commonly referred to as a Payable on Death (POD) account, is a mechanism by which an account owner can designate a beneficiary to receive the funds remaining in the account upon the owner's death, bypassing the probate process. This designation is revocable, allowing the account owner to change the beneficiary at any time before their death. The beneficiary has no rights to the funds while the account owner is alive. Arizona law recognizes POD accounts as a simple and effective estate planning tool to ensure assets are transferred directly to the intended beneficiary without the need for probate court involvement. The use of POD accounts in Arizona is governed by the Arizona Revised Statutes, specifically under Title 14 (Trusts, Estates and Protective Proceedings), which provides the legal framework for such nonprobate transfers.