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 Rhode Island, 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 beneficiary designation is revocable, allowing the account owner to change the beneficiary at any time before their death. The beneficiary has no ownership interest in the account while the owner is alive. Rhode Island law recognizes these accounts as a simple way to transfer assets upon death without the need for probate, making them a popular estate planning tool. The term 'Totten trust' originates from a New York court case, but the concept is widely used and accepted in various jurisdictions, including Rhode Island.