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 Georgia, a Totten trust, commonly referred to as a Payable on Death (POD) account, allows an account owner to designate a beneficiary who will receive the funds in the account upon the owner's death, bypassing the probate process. This type of account is a form of nonprobate asset, meaning it does not become part of the decedent's probate estate and is directly transferred to the named beneficiary. The account owner retains full control over the funds during their lifetime and can change or revoke the beneficiary designation at any time before their death. The beneficiary has no ownership interest in the account until the owner passes away. Georgia law recognizes the validity of POD accounts, and they are a straightforward tool for estate planning, helping to ensure that assets are transferred according to the account owner's wishes without the need for probate court proceedings.